FUNDING SCHEMES

Orissa State Co-operative Ltd.

Farms Mechanization :

The Bank has been instrumenting the development of the agrarian economy of the state through farm mechanization. Tractors and Power tillers are provided to the individual farmers or group for both cultivation and custom hiring with a long repayment period of 9years/ 7 years/ respectively through 17 Central Co-operative Banks in the State.
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Minor Irrigation:

Banks contribution to fight with eratic and scanty rain which has been outstanding over the years. Finance for dugwell, shallow tube well, bore well both for the surface lifting and ground water is available on concessional rate of finances through Central Co-operative Banks on the easy installment, spreading upto 9 years.

Agro Industries:

Agro based industries with soft loan facilities from various State or Central Government agencies are being financed by the bank directly or through Central Co-operative Banks.
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Animal Husbandries:

In the field of the other farm sector activity like poultry, duckery, goatary, fishiculture, plantation and horticulture, farm forestry etc. And for nonfarm sector activities Bank provides finance either directly or through Central Co-operative Banks.

Sugar Industries:

We have been the principal promoter of all Sugar Industries of the State be it in the corporate sector. Sugar giants like Shakti Sugars or Ponny Sugars along with Sugar Mills at Aska, Baragarh and Nayagarh Baramba on Corporat Sector have been financed by the Bank.
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Health Care:

Health care has been one of the thrust area of the Bank. OSCB is the biggest promoter of the most advanced hospital of the state Kalinga Hospital. Besides, OSCB is financing to set up Nurshing Home and to purchase for all sort of Medical Diagnostic Equipment etc..

Rules of the Scheme for Door Delivery of Drafts Issued by the Bank :

Short title and commencement of the scheme:- The scheme shall be called as "Scheme for Door Delivery of Demand Drafts" and shall come into force with effect from the date to be decided by the Managing Committee of the bank. The scheme shall be implemented in the Branches and Extension Counters of the bank as would be decided by the Managing Director.

Objective of the scheme:

The scheme aims at providing customer services at the doorstep of the valuable customers by charging a minimum fee from the said customers.

Eligibility criteria:

The customers of the bank having any of the following accounts in designated branches and Extension Counters shall be eligible to avail the benefits under the scheme.

  • Current account
  • Savings Bank account
  • Cash Credit account

Operational modalities:

  • A customer intending to avail the benefits under the scheme shall authorise the bank by an undertaking to debit the account on the basis of telephonic instructions for issuing drafts at a consideration of service charges as specified hereunder.
  • On receipt of the undertaking, the branch concerned shall allot a secret Personal Identification Number (PIN), which is to be used at the time of giving instructions over telephone to the officers of the branch. The customer has to tell his name, his account number, the secret code, name of the payee, amount of draft and the name of the station on which the draft is required to the branch officials. The facility of door delivery of drafts shall be available from Monday to Friday in the designated branches and E.Cs. The customer has to give his instruction by 2 PM to avail the facility on the same day.
  • The branch/E.C. shall act according to the instructions of the customer concerned, prepare the draft by debiting the amount of the draft, commission and service charges from the concerned account of the customer.
  • The customer concerned immediately after requisition of the draft over telephone shall prepare a confirmation cheque of the draft amount and keep it ready to hand over the same to the messenger of the bank while receiving the draft at his door step. The commission and service charges shall be debited by the bank from the customer's account.
  • A messenger of the branch/E.C. shall be deputed to hand over the draft to the customer at his doorstep and shall collect the cheque in confirmation. The customer shall also acknowledge the receipt of the draft in writing in the prescribed proforma of the bank. If the customer is not available at the doorstep at the time of delivery of the draft, the authorised representative shall receive the draft, hand over the confirmation cheque and acknowledge the receipt of the draft.

Service charges:

The bank shall charge Rs.50/- per draft at a flat rate towards service charges. The service charges shall not be refunded if the draft is not handed over at the doorstep in case of absence of the customer or the authorised representative to receive the document from the messenger. If the messenger returns back, the customer has to collect the instrument from the bank.

Cancellation charges:

In the event, the customer decides to cancel the draft after the messenger reaches his doorstep, he/she has to give an application in a plain paper for the purpose. In this case, the commission and the service charges shall not be refunded and the customer shall give a cheque in favour of the bank for the amount towards draft commission and service charges. On cancellation of the draft, his/her account will be credited with the net amount of the cancelled draft. Besides, draft cancellation charges as per rules of the bank shall be borne by the customer.
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