Bhubaneswar: The Cooperative Central Bank of Aska has been extended RBI recognition recently. With the recognition, the cooperative bank, which has been providing loans mainly agricultural loans amounting to Rs 100 crores, can now extend commercial loans.
Established in 1918, the bank has been extending loans to the farmers as well as small scale industries. Its operation covers 22 blocks of Ganjam district such asAska, Kabisurya Nagar, Kodala, Polasara, Bhanjanagar, Belaguntha, Jagarnnathprasad, Sorada, Dharakot, Seragargh, Sanakhemundi, Digapahandi, Buguda and Purusottampur.
There are 17 RBI recognized cooperative banks in the state, sources said. Earlier, the bank used to operate as per Central and state cooperative laws. However, with the help of NABARD, it has been performing according to RBI guidelines for last few years.
After the RBI certified the bank recently, it has received recognition from Bhubaneswar-based Rural Planning and Credit Department.