Boasting a turnover of Rs. 10,000 crore in the current fiscal, the HP state cooperative bank has been raised to the status of a commercial bank. That is to say, the bank included in the second schedule of the RBI could now directly borrow from the apex bank.
According to the bank chairman, Harsh Mahajan , the bank has a network of over two hundred branches counting more than one and a half million account holders.
The bank will soon open about a dozen new branches and equip some of the branches with ATM facilities, Mr. Mahajan said.
Sources say the bank has the lowest gross NPA and is mainly using its resources to increase power production in the state.