Q 1. What is the difference between Cooperative Bank and a Nationalized or other Bank?
Ans.

Cooperative Bank is promoted by the Shareholders, for their benefit, and is governed by them exclusively whereas other Banks are promoted by Government and or Corporate sector(s) for the benefit of public at large.

Q 2. What are the benefits/ facilities available to members in Kangra Cooperative Bank?
Ans. a)  1 % rebate in interest is given to regular paymasters of the Loans.   
b)

Scholarship to meritorious children of members from 9th standard onwards upto 12th  standard. Meritorious awards to children getting 90% and above in 10th and 12th class Board examinations.

c)

0.5 % additional interest to Senior Citizens on Term Deposits for a period of 1 year and above.  

d) 0.5% additional interest on FDRs above Rs.15 lacs for a period above 36 months and above.         
e)

Matching rate of interest on saving accounts as compare to other nationalised banks.Bank normally gives higher rates interest on SB accounts as compare to nationalised banks.  

Q 3.

Whether one can have facility of issuance of Pay Order/Draft/ Mail Transfer to any place in India through Kangra Coop. Bank?

Ans.

Yes, Kangra Bank has made agency arrangements with other Banks through which Drafts/Mail transfers can be affected throughout India .Moreover fund transfers can be done electronically with the help RTGS/NEFT facility made available by the bank on its own platform.

Q 4.  How many types of loans are given by Kangra Bank and upto what amount? 
Ans. The following types of loans are disbursed by the bank to the members
a)  Unsecured (Personal ) Loan                                    
b) Secured Loan :-          
 i) Housing Loans         
ii) Transport, Business, DCG, Plant and Machinery loans     
iii) OD limits / Bill discounting facality in current accounts
iv) Real Estate loans
v) Education loans
vi) Loans against deposits       
vii) Loans against NSC,IVP,KVP,LIC policies       
viii) Non-fund based credit limit - (BGs)      
ix) General Loan - Secured       
x) Loans against property     
xi) Varisht Nagrik Swabhiman Loan Scheme   
   

The present limit of various types of loans depending upon the value of collateral security offered and income of the member and as per RBI directives is as follows 

   .  

* General Loan   Rs 2,00,000/-
* Housing loan       upto Rs 70 Lacs
* For the purchase of all type Vehicles, for Business, Overdraft etc. upto Rs 6 crore 

 

Q 5. How long bank takes to disburse Loan?
Ans. a) Unsecured (Personal) Loans requests are considered weekly basis. 
b)

Secured Loans and Overdrafts upto Rs. 2 crores are considered on weekly basis by a high powered Loaning Committee(s) constituted by Board consisting of Chairman, Vice Chairman, CEO and 4/5 Directors. 

c) Secured Loans exceeding above limit  are considered by the Board of Directors at its monthly meeting 
Eligibility for all unsecured loan will start after completion of six months membership and for all other loans after completion of one month membership. However, in case of education and housing loan this period of one month can be curtailed. 
Q 6. Why should one become a member (Share holder)?
Ans.

Any credit facility in Cooperative Bank is given only to  Share holder of that     Bank. Hence it is necessary to become a Share holder to avail the benefits of credit facilities.

Q 7. Who can become a member (Share holder)?
Ans.

An individual who resides in the area of operation of the Bank or is gainfully engaged in any occupation in the area of operation provided he/she should not a member of any other Co-operative Bank or a Co-operative credit society . Company or body corporate can also become member.Present area of operation of the Bank is NCTD.

Q 8. How one can become a member (Shareholder)?
Ans.

One has to apply on a prescribed application form available from the bank free of cost and submit the same along with the required documents to the Branch in which membership is required. After scrutiny of the request , applicant is informed about the outcome and or further course of action.  

Q 9. What is the composition of Board and how it is constituted?
Ans.

Board consists of fifteen members including Chairman and Vice Chairman  elected through election conducted by Returning Officer appointed by Lt. Governor of Delhi .  There is also a provision for cooption of two/three expert Directors from among the shareholders.

Q 10. Who regulates Cooperative Banks?
Ans.

Administratively Cooperative Banks are regulated by Registrar of Cooperative Societies of the respective states and financial disciplines are exercised by RBI.

Q 11. How the recovery in Cooperative Banks is affected?
Ans.

Recovery of dues from defaulters is affected through Arbitration unlike the Nationalized Banks through Civil Suits.Recovery of loans secured against Property(ies) can be made thru SARFAESI Act.

Q 12 Can its customers get facility of Bank guarantees or Letter of Credit facility?
Ans.

Yes ,Kangra Bank issue Bank guarantees to its Customers on their request  against 100% security either in the form of FDR or Property to be mortgaged/hypothecated in favour of the Bank. Letter of credit can also be issued through its designated Banks against mortgage / hypothecation  of property or Deposits in favour of Bank. Charges are levied as decided by the Board from time to time. Customers are advised to get latest information from bank officials before availing of above facilities.

Q 13 Does the bank issue ATM/Debit Cards to its customer? If so, are these cards are acceptable by other banks?
Ans.

Yes, Bank issues ATM/Debit cards to its customer on their requests. Bank has installed on site ATM machines in some of its branches. ATM/Debit cards are generally accepted by majorities of banks including private banks in operation within India.

Q 14 Is there any periodical news letter/ magazine published by the Bank ?
Ans.

Yes, Bank is publishing its monthly magazine named “Kangra Bank Patrika “ which gives regular updates to its members who have opted to subscribe the same . Presently members can subscribe same by paying Rs.100/- for a period of one year. Facility of automatic renewal by authorising bank to deduct yearly subscription from the account is also available.

Q 15 What all other facilities apart from normal banking available to customers?
Ans.

Yes, Bank provides/ facilitates following facilities to its customers.

  a) Bank provide life insurance facilities thru M/s SBI Life Insurance Co. Ltd . which include Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
b)

Pradhan Mantri Suraksha Bima Yojana - Thru M/s Oriental Insurance Co. Ltd. 

c)

Facilitating general public for obtaining PAN cards thru UTIITSL.

 

(SMS alert services covering all debit/credit transactions of your account, information about balance available and last four transactions thru SMS are also available on to all saving / current account holders on payment of nominal charges)