Kangra Co-op Bank slashes interest rate

One of the leading urban cooperative Banks in the NCR, Kangra Cooperative Bank has initiated fresh move to help its members. The Bank has slashed the rate of Interest on loan for a limited period for about 40,000 members associated with the bank.

Talking to this correspondent, Chairman of the UCB Laxmi Das said “Our objective is not to earn profit but to work for the well-being of our members. Our announcement has received a good response”. Das is also the head of NAFCUB chapter Delhi.

Now members can take loan against property at 11%, Home loan at 9% and Car loan at 8.5 percent Per annum till 31st March, said Attar Parmar Chand.

On the question of relaxing the criteria for the membership of the bank, he said the enrollment of new members has been made easy and from now onwards those who want to be new members could do so just by getting certified by the director that they live on rent. Earlier the membership was given only to those having their own property, said Das to this correspondent.

However, Das is disappointed about the fact that post demonetization they are not able to perform well and their business may be affected in the 2016-17 financial year.

The Kangra Cooperative Bank was established in 1972 and it has 40 thousand members. At present, the Bank has 9 branches and is providing ATM facilities in five branches. The Bank also provides CBS, RTGS, NIFT services to depositors.