Orissa State Co-operative Bank (OSCB) has received banking licence from Reserve Bank of India (RBI), reported the Business Standard. The license is expected to enable the bank with 14 branches in the state to transform into a full fledged commercial bank.
Kaja Sudhakar, regional director of RBI, said that OSCB has met all parameters of RBI like capital to its risk-weighted assets ratio, cash reserve ratio and statutory liquidity ratio to qualify for the banking license.
Jagneswar Babu, president of OSCB, said: “After the grant of license, the Orissa State Co-operative Bank (OSCB) would get wider recognition in the country as a scheduled and licensed bank. It will continue its endeavour to cater to the credit requirement of the farmers in the state.
