TEAM HERALD
PANJIM: Goa State Co-Operative Bank Limited, the apex financing agency in the cooperative sector in Goa, Daman and Diu, has decided to separate union territories of Daman and Diu from their banking jurisdiction and functioning so as to retain its apex bank status.
The decision was taken during the annual general body meeting held on Sunday morning, wherein they informed the shareholders that State government has approved separation of Daman and Diu from State Co-Operative bank functioning.
“The Government has bestowed the status of Apex Bank on Goa State Co-Operative Bank — currently functioning as multi-state bank. The general body has two directors from Daman and Diu. One bank cannot have both the status,” said Goa State Co-Operative Bank Chairman Ulhas Phaldesai.
Phaldesai said that if the bank continues to function as co-operative section in Goa and Daman and Diu, then it would lose its Apex status.
The bank, with its 67 branches, was founded on November 7, 1963. The Bank was initially set up to help the members in distress. Its objective was to provide finance to the needy members in the then Union territory of Goa, Daman and Diu and bring up their financial standards.
