The Bank was registered by Assistant Registrar , Cooperative Societies, Panipat on 25.05.1979 under the policy of Reserve Bank of India with a meagre share capital of Rs. 2950/- and 118 members. The Reserve Bank of India granted licence U/S 22 of the Banking Regulation Act 1949 on 10.10.1984 for the commencement of Banking Business. The bank started its Banking Business on 25th March , 1985 and it was formally inaugurated on 12.04.1985 by Sh. Chiranji Lal Sharma , the then Member of Lok Sabha from Karnal Constituency . Sh. O.P. Sharma M.D. of the bank is the founder of the bank , who dedicated his life for the success of the bank. The comparative business of the bank for the last two years is as under :- 

                                                                                                 (Rs. in Lakhs)      

31.03.2007

133.45

Branches , System and Control

• The bank has four branches and all of them are computerized . Our bank is the only bank in Haryana in Cooperative Sector which is computerized since 01.04.1997 resulting , accuracy ,efficiency and qualitative services to the constituents.

• The Head Office Branch is centrally air-conditioned since 01.04.2005 and the air conditioning in remaining three other branches has been installed this year.

Role of RCS / RBI

• Sh. S.S. Dhillion IAS the then RCS Haryana has attended the annual General Meeting on 07.11.2004 and Sh. Roshan Lal IAS the then RCS Haryana also attended the Annual  General Meeting ON 11.12.2005 and appreciated the functioning of our bank in the meeting and every platform of Cooperative Sector.

• The Reserve Bank of India ,Urban Banks Department,  Chandigarh has also recognized our bank as Model Bank in the state of Haryana and success story of our bank has also been sent to other banks to follow our bank's features.

General Features

• The statutory audit of the bank is conducted by the Auditors from the Cooperative Department every year however , the audit of Balance Sheet is also undertaken by the Chartered Accountant on the annual basis for the purpose of income tax .

• Concurrent Audit is also conducted by the Chartered Accountant having an experience of more than 15 years .

• The Audit Report is considered by the Audit Compliance Committee periodically and rectification of irregularities is complied with.

• The bank's management ensures the compliance of RBI Directives , guidelines ,provisions of loan policy and instructions of RCS.

• The inspection of the bank is also conducted by the Reserve Bank of India , Inspecting Team once in two years.

• The compliance of audit report and RBI inspection are submitted to the quarters concerned within stipulated period . All types of statutory returns of RBI are timely furnished.

• Monthly meeting of all Branch Managers is conducted to review the procedures ,deposit mobilization , recoveries , Loans & advances , KYC , overdues and profitability of their respective branches.

• The bank is classified in "a" category on the basis of audit classification performa issued by RBI.

• The M.D of the bank pays physically visits on alternative days to the branches so as to supervise and scrutinize the loan applications and other day to day working .

• The staff of the bank is regulated under the provisions of Staff Service Rules which are duly approved by the RCS Haryana .

• The Staff members (inclusive of Branch Managers ) are transferred to other branches so as to make transparency in the working of the bank and to avoid any kind of discrepancy due to lack ness of particular staff.

• The eligible staff members are deputed to obtain training from CAB, RBI/Vamnicom , Pune and other workshop organized by the RBI from  time to time .

• The copies of various circulars from RBI are provided to the Branch Managers to make awareness of changes from time to time .