Towards early forties of the twentieth century, the political environs of India were highly tense like a dormant Volcano owing to war of independence. Too disturbed was the natural atmosphere enveloping the small town Contai and its surroundings – the great seat of independence.
It was 1942. People witnessed a bit of cloud setting on the north east corner of the sky. No one could read nature’s imminent wrath. The sky became clouded by and by. All on a sudden a cyclonic wind swept coastal belt and lashed out the little town. The clouds incessantly poured in. The sea spated. The water, breaking through the embankments and sea – dikes inundated the adjoining areas. The green crops went down the water. The short-lived paddy-plants could not survive. The dwellings tumbled down. The famine followed the flood. The pestilence followed the famine.
From afar, came the bliss of the Almighty. The philanthropic institutions started relief works. The Engineers came. Came the contractors too with a view to undertake repair works of defunct sluice-gates and damaged dams. In order to keep the money with them safe, the voluntary organizations and the construction Companies too searched for a safety coffer. The commercial banks mushroomed their branches to meet the purpose. Bank’s safe custody attracted the cyclone-hit people to keep their hard-earned Savings into it. But those banks with pre-conceived ill motive closed down their windows sine-die. People’s confidence did thus have a violent shaking over the system of banking. Necessity is the mother of invention. The people did realize to have a bank of their own. Persons of wide integrity sat together. With the firm determination to safeguard the public-savings as well as to give a formal shape to the public will, five noble persons of the society subscribed Rs.500/- (rupees five hundred) each. The Contai Co-operative Bank Limited came into being.
REGISTRATION
A baby born requires official registration. The Co-operative baby thus born also needed its official recognition. The 15 th day of December in 1945 is a red-letter day in the annals of the Contai Co-operative Bank Limited – the day on which the Bank did have obtained its official registration.
STEPPING STONE
Along with normal banking activities, the bank did earn a lot having deployed its fund profitable in sugar and yarn business controlled by the government. In early days, the business of sugar and yarn bestowed the bank a strong capital-base – the stepping stone of future prosperity.
MARCHING ONWARD
The chariot of advancement moved on and on and on setting all the obstacles aside. To imbue the habit of savings in the people at large and to meet their varied needs, the bank did introduce all kinds of deposit schemes one after another. To keep up with the deposits so thriving, the bank did have to seek fruitful avenues for lending. A friend in need is a friend indeed. To make the proverb a reality, the bank did take up financing of various sectors of the society irrespective of any caste and creed the high and low , in the day of their distress and dismay.
The Short Term Loan was shortly introduced. But in no time, it was felt that the short term advance could not fulfill the demands of all constituents. So as a means of compliment, the Bank resorted to Long Term Loan. Again to meet the working capital needs of the business world and industrial sector, the scheme of special short Term Loan was another suitable choice of the Bank. To respond readily to the needs of contingent nature at the time of exigencies, the bank did adopt the policy of pledging gold and silver ornaments.
To assure betterment of transportation and expansion of industry, the bank implemented the Hire purchase Loan.
It may not be exaggeration to mention that in introducing various schemes for lending ,the one and only aim of the bank was to uplift the urban people by way of creating ample opportunity of self-employment and foster an atmosphere of hope and aspirations in the hearts of millions .The new-born co-operative baby once making its stride with only twenty five hundred silver coins in hand, became big and the people saw in it, the image of boundless benevolence which was marked by the bank’s silver jubilee celebration in the year of 1971.
MILE-STONES
Memorable events remained left-behind as the mark of turning points in the calendar of years. Some of the milestones notable for having far reaching significance are mentioned herein below.
1947- Amalgamation of Contai Co-operative Bank Ltd. and Contai Co-operative Credit Society Ltd.
1966- Coming Under the purview of the Banking Regulation Act, 1949.
1967- First Bank – inspection conducted by the Reserve Bank of India.
1968- Extension of area of operation of the Bank through out Contai Sub-division.
1971- Celebration of Silver-jubilee.
1972- Opening of branch Office at Ramnagar and Egra.
1974- Opening of branch office at Haria.
1978- Extension of insurance coverage to deposit accounts held by the bank.
1979- Opening of branch office at Manglamaro. Extension of area of operation beyond Contai sub-division as well as inclusion of Haldia notified Area.
1984- Opening of branch office at Belda.
1986- Opening of branch office at Durgachak. Granting of banking licence by the reserve bank of India.
1988- Opening of new offices at Panskura, Mahisadal and Nandakumar.
1993- Opening of Barbarisha and Nandigram branches.
1997- Computarization started at Main Br.
1998- Opening of new office at Burrabazar, Kolkata.
2004 March- Computarization started at Branches.
2004 June 28- Shifting of Burrabazar branch to own building at 15 Shyamacharan Dey Street, Kolkata-73.
2006 April- All branches computarized
2011- Reserve Bank granted the appeal of the Bank to extend the ‘Area of Operation’ for whole West Bengal State
2012 16th August. Expansion of Service in Chandrakona Road. CK Road Branch Opened.
2015 3rd August. Expansion of Service in Dankuni, Hoogly. Dankuni Branch Opened.
2015 16th November. Expansion of Service in Midnapore Town, Paschim Medinipore. Midnapur Branch Opened.
GLARING ACHIEVEMENTS OF TO-DAY
- SHARE CAPITAL – BASE
Our share capital is built on strong base. The paid up share capital of the bank as on 31.03.2011 was 12.54 crore.
We take pride to mention that our share capital goes without state participation. Be that as it may, our share capital has been steadily increasing year after year indicating public confidence reposed upon the bank.
- RESERVES.
In addition to the collection of share capital, our bank has strengthened its reserves by appropriation of profit beyond the minimum statutory limitation. The aggregate of reserves as stood on 31.03.2011 was 84.72 crore.
III. OWN FUND.
The own fund comprising both share capital and reserves aggregating Rs.106.21 crore as on 31.03.2011.
The proportion of own fund in relation to deposit is much higher when compared with the own fund- deposit ratio of commercial banks.
- RAISING OF RESOURCES
Deposits are the mainstay of a bank and constitute its life blood. The deposits of the bank as stood on 31.03.2011 were Rs. 502.45 crore.
The growth in deposits can be attributed by and large to the ability of the bank’s machinery to mobilizing local resources despite several constraints and the confidence which the bank commanded with the members of the public.
In order to attract deposits, our bank provides varied and better customer services such as locker facilities, overdraft arrangements, issue of demand drafts, collection of cheques and drafts and also opening of branches at suitable place within its commanding area.
- LOANS AND ADVANCES.
The outstanding loans and advances of the bank is 363.08 crore as on 31.03.2011.
By and large, the bank has been making these loans and advances out of its own resources without having resorted to borrowings from higher financing agency.