Registration of the Bank 6th January, 1965
Establishment of the Bank 31st March, 1966
Election the Board of Directors 1st April,1966
During these years considerable progress were achieved in the Banking transaction and the deposits from the general public were also steadily increased. The investment capacity of the Bank in loans and advances were increasing. The borrowing and repaying capacity of the affiliated society needed to be toned up. The sphere of agricultural credit was also amatter of concern during this period. This era was the beginning of the cooperative movement in Andaman & Nicobar Islands with a view of augmenting the welfare of the individual members, general public & societies, as a whole.
Under the Lead Bank Scheme, the Andaman & Nicobar State Cooperative Bank Ltd. has been allotted the Wimberlygunj circle in South Andaman including Neil Island. In addition, the whole of Middle & North Andaman is still retained with the Bank. Andaman & Nicobar State Cooperative Bank Ltd. has taken a special effort to intensify the agricultural financing in these areas through service co-operative society. They will also operate special type of financing such as thrashing floors, minor irrigation tank etc. in different areas.
During this period the Bank continued to extend its prompt & efficient credit & other services to the agriculturist, weaker sections of the society, small scale industries, self employed, artisans , & other sectors. The Bank opened 7 new branches at Campbell Bay, Katchal, Car Nicobar, HutBay, Dairy farm, Billiground, Bakultala. The Bank has become the member of ALL INDIA MUTUAL SCHEME & NATIONAL CO-OPEARTIVE LAND DEVELOPMENT BANK’S FEDERATION. The Bank has seen a growth of 155.3 during the fiscal year 1983-1984.
The Bank opened 6 new branches at Garacharma, Neil Island, Shadipur, Brichgunj, Kalighat & Havelock. With the opening of these branches, the activities of the Bank has increased with deposits aggregating from Rs. 178.11 lacs on 30th June 1986, registering growth rate of 195.65 over the said period. The Bank has implemented IRDP for the poverty alleviation of the Govt. of India under the 20 point economic programme.
During this period the Bank has introduced Gold Loan & Housing loan through HDFC / HUDCO. The Bank has opened two new branches at Aerial Bay & Teressa. With a network of 25 branches the Bank recorded an increase of Rs. 1074.41 lacs in deposits as on 30th June 1989, this registered growth rate of 128.33 over the period.
During this period, Bank had 29 branches(Twenty Nine) covering the entire Islands with deposit of Rs. 240.46 lacs as on 31st December 1992. In addition, to improve the customer service and work output, the management had decided to computerize the Head Office operations.
This was the 28th year of the functioning of the Bank. During this period the Bank was assigned to function as an agriculture, urban bank and a land mortgage bank, all in one, unlike, separate apex co-operative banks in mainland for each of this purposes.
During the year the board has introduced lot of changes in the policy of deposits, loans and advances, conduct of timely meeting of the managing committee and the management committee
At the end of year 1995 the Bank has completed 30 years of its working. In order to sustain & improve present viability and make the Bank organizationally vibrant & operationally strong, the Development Action Plan (DAP) was finalized. The MoU was signed with the State Govt. and National Bank for Agriculture & Rural Development (NABARD). The corporate plan of the Bank for the year 2000 set up a projection of Rs. 100 crores in deposit, Rs. 60 crores in advances & substantial profit commensurate with volume of business & subject to other parameters.
The Bank has overall achieved its targets stipulated in DAP. As envisaged in the MoU , the Bank has motivated PACS to mobilize deposit and provided necessary infrastructural facilities. The Bank has started channelising long term loans upto Rs. 1.00 Lakhs through PACS..
During this period, the bank has by & large achieved various targets stipulated in the DAP/MoU. The deposit has crossed Rs.11923.41 Lakhs. The advances has crossed Rs. 4206.41 Lakhs, investment in SLR, approved securities and other investments toRs. 8971.95 Lakhs as on 31/03/2001. The Bank has a tie up with ICICI Bank for issue of cheques as drafts on all its branches situated in mainland. The Bank has also signed an MoU with ICICI Bank for installation of Automated Teller Machine (ATM) with co-branded ATM card. The ATM has been installed and started functioning from April 2001. The Bank has also obtained restricted money exchange license from RBI dealing in foreign exchange currency. The currency exchange is restricted to Port Blair, Havelock, Neil Island Branches. The Bank has received NABARDS’s prestigious best performance award for cooperative Banks for the year 1998-1999 under two tier cooperative credit structure consisting of a trophy, certificate and a cash prize of Rs. 5.00 lac for welfare staff fund.
It was a matter of pride that Bank was awarded consecutively for the third time, the performance award by NAFSCOB. The Bank has opened a SGL accounts with DFHI; Kolkata & ICICI securities, Kolkata for enabling speedy and easy dealing in Govt. securities. The Bank had also been pioneer in spreading the concept of Self Help Groups in the Islands. The Bank had so far linked 33 nos. of SHG’s & extended credit facilities to the tune of Rs. 14.13 Lakhs. In order to revamp & boost up the economic activities, Dr. Y V Reddy, Hon’ble Governor, Reserve Bank of India has called a meeting during February 2006 to review the various rehabilitation schemes & packages for the tsunami affected people. On 21st April, 2006 Andaman & Nicobar State Cooperative Bank Ltd. declared as Licensed Bank. The Andaman & Nicobar State Cooperative Bank Ltd. in particular have become customer centric through customized services. Existing products are re-designed & new products are launched to match to the customer needs. In 2008, the Bank has received special award under management performance category for the year 2004-2005 given by the NAFSCOB. The Bank has earned a net profit of Rs. 1.69 crores during 2007 2008 against the net profit of Rs. 1.18 crores during 2006-07 registering a growth of 43.30. Despite economic recession our Bank has registered good growth and the Bank’s revenues and profits have been impacted positively in relative terms with other market players. Our Bank believes in the strong fundamentals of its business practices and business acumen. The Bank has earned a net profit of Rs. 15.34 crores as on 28-02-2010 and registered a Net Interest Income (NII) of Rs. 21.40 crores.