Balasore Bhadrak Central Co-Operative Bank, Presently renamed as Balasore Bhadrak Central Co-operative Bank Ltd, Balasore, Started its functioning on the first June of 1916 with a working capital of Rs. 10,000/- having only seven affiliated societies and in the year 1956, Balasore Bhadrak Central Co-Operative Bank was amalgamated with Balasore C.C.B commencing its operation with a share capital of Rs. 3.29 lakhs and deposit of Rs. 7.76 lakhs during 1956-57.The bank has grown substantially and as on 31st March'2011, the working capital of the bank reached Rs. 1189.09 crores with a deposit base of 626.61 crores.The bank has issued 375410 Kissan Credit Cards to the farmers of Balasore and Bhadrak district and disbursed loan to them for agriculture and other purposes. Apart from agriculture finance, the bank has forayed into financing industrial sector, housing sector and other types of finance according to the needs of the customer. The bank has extended its banking network through 30 branches, 249 PACS and 2 LAMPCS operating in 19 blocks in Balasore and Bhadrak district.to compete with recent technology adopted by the Nationalized Banks and Private Sector banks, bank has computerized 30 branches and 59 PACS in village areas for providing computerized customer service. The bank has earned a net profit of Rs. 204.72 lakhs in the year 2011-12. and declared dividend to its share holders.
In order to create a good recovery climate, interest incentive scheme for the KCC holders and allowing 3.00 % interest rebate to the farmers who repay their loan on or before the due date.
Bank has decided to computerize all its 97 mini banks in a phased manner and as on 31st December 2011. 59 mini banks are providing computerized customer service in the remote areas.
The bank is organizing training in different blocks to the farmers of Balasore and Bhadrak district on betel vine cultivation, banana plantation, formation of SHG/TFG/JLG etc.
Agriculture, banking and Co-Operatives-the mainstay of rural India with its vast chunk of farmers-have made rapid strides in Balasore, the granary of Odisha and Balasore Bhadrak Central Co-operative Bank(B.B.C.C.B.), Balasore has gone a long way in combining the three into one.
After independence, as per recommendation of the All India Rural Credit Survey Committee, BhadrakC.C.B was amalgamated with this bank in 1956.Subsequently in 1957-58, it took the agency of Orissa Provincial Co-operative Land Mortgage Bank (OSCARD Bank) to advance long term loans to the members of its affiliated PACS.
At present, Balasore Bhadrak Central Co-Operative Bank. has extended its banking network to 30 branches, 249 PACS and 2 LAMPCS operating in the 19 blocks of Balasore and Bhadrak district catering to all types of credit needs of rural farmers and urban population.
Apart from agricultural finance, the bank has forayed into financing in industrial sector, housing sector and other types of finances like consumer durables, Car Loan, vehicles Loan, Horticulture loan etc to cater to the present day needs of the members. To promote rural resource mobilization, the bank has opened 97 numbers of mini banks at selected PACS to mop up rural surplus as a result of which a sizeable amount of deposit has been mobilized. With the support of software engineers of OSCB, 59 mini banks are providing computerized customer service to the rural customers to compete with the technologically advanced commercial banks and a programme has been drawn to computerizes the remaining mini banks in a phased manner.
