Credit And Banking

Credit & banking under Cooperative Sector.
The Cooperation Department is the registering authority for different kinds of Cooperative Societies in the State. Amongst other forms and types of cooperative societies the Department has as on date registered two Banks under the Sikkim Cooperative Societies Act 1978 viz, (1) Sikkim State Cooperative Bank Ltd (SISCO Bank) and (2) Citizens Urban Cooperative Bank. These banks under the cooperative sector  provide various types of credit facilities to its members like personal loan, Home Loan, Business loan, Kishan Credit Card, etc, in addition to normal banking function of accepting deposits in savings bank account, Recurring Bank account and Fixed bank account. Details of which can be obtained from the Head office of the concern bank as under:
  1. Sikkim State Cooperative Bank Ltd. H.O Metro Point, Tadong, Gangtok.
  2. Citizen’s Unban Cooperative Bank, H.O Namnang, Gangtok

Legal Framework under Cooperative Sector.
The subject cooperatives falls under the State list and all the cooperative societies registered in the State are governed and regulated under the Sikkim Cooperative Societies Act, 1978 and Sikkim Cooperative Societies Rules, 1981. In addition, the day to day functioning and management of the cooperative societies are regulated by the Bye-laws of each individual cooperative societies which is a registered document under the Cooperative Act. The State Act and Rules as mentioned are administered by Registrar Cooperative Societies appointed by the State Government with its office at Sahakari Bhawan, Tadong, Gangtok.
 Further, a Central Act in the name of Multi-State Cooperative Societies Act,2002 also governs and regulates those cooperative societies who are registered under the said Act and these societies have more than one State as its area of operation. The provisions under this Act are administered by the Central Registrar appointed by the Central Government with its office at Krishi Bhawan, New Delhi.