RBI grants second Schedule status to HPSCB

 Himachal Pradesh State Cooperative Bank (HPSCB) has been granted the second Schedule status by the Reserve Bank, making it equivalent to other renowned nationalised and commercial banks.

The HPSCB has now become the first cooperative bank in the Northern region and third in the country to earn the distinguished status of being included in the second schedule of RBI, Chairman of the HPSCB, Harsh Mahajan said.

"The bank is now equivalent to any other commercial bank entitled to open the NRI accounts, collect Income Tax and get direct credit from RBI and mobilise more deposits," Mahajan said crediting the initiatives taken by the bank and dedicated services of the staff for this achievement.

Currently, the bank has 207 branches with over 16 lakh account holders, deposits amounting Rs6,800 crore and 40 ATMS and thirteen branches and 50 ATMs are being opened during the year, Managing Director of the bank, Amitabh Awasthi said. 

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