Outgoing managing director, Nagaland State Co-operative Bank (NSCB), B.K. Thadani Tuesday said as the chief executive of the bank, he had taken up the issues and challenges faced by the banks with the prayer and support of his officers and staff.
Addressing a farewell programme at the conference hall of NSCB, Thadani, who will now serve as Special Officer to NSCB, said among the notable challenges the bank had faced was the licensing parameter set by RBI under banking regulation act section 11 (1) and supervisory regulatory requirement.
S. Atovi Sema will succeed Thadani as the new managing director NSCB. It may be recalled that on March 2013, NABARD gave time upto March 31 to achieve Capital Adequacy to Risk weighted Assets (CRAR) of 4% and subsequently Reserved Bank of India (RBI) on April 1 advised the cooperative department to advise NSCB to prepare a Monitorable Action Plan to comply with Section 11 (1) of the Banking Regulation Act 1949 (AACS) and raise CRAR to 4% by June 30, 2013 stating that in the event of failure to comply, the bank would face the risk of having its license cancelled.
Thadani said , he took up the issues as a challenge and the bank made every effort but it fell short of Rs. 13 crore to comply the provision of section 11 and 22 of the act prior to the deadline fixed by NABARD and RBI and in the process the bank was in the risk of de-licensing.
However, Thadani said timely intervention by state government through infusion of Rs 13 crore towards Tier-I capital of the bank, rescued NSCB during the period of crisis.
During, his 37 years of active service since he joined the organization as an Agri office in 1976 and as a managing director from 2007, Thadani said there has been a robust and structural changes in the bank.
He said it was possible due to the good team work and dedication between the offices, staff and board of directors, senior management and stakeholders.
Delivering the presidential address, commissioner and secretary, cooperation and fishery, B.P. Chetri termed the NSCB for achieving the benchmark of RBI as “big achievement” under Thadani leadership.
She said that the CRAR has now reached to 7.4 percent with the intervention by the state government. Chetri also acknowledged Thadani for his lead role during the crisis period faced by the NSCB.
Speakers from various heads of departments in their speeches lauded Thadani for his active role and dedication service rendered to the bank.
Earlier, the welcome address was delivered by general manager (admn) NSCB, S. Atovi Sema, who will be taking over from Thadani as the new managing director. The programme started with an invocation prayer by pastor, Pentecostal Church Dimapur.
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