Photo Courtesy: Indian Railways
Rich Legacy
Established in 1914 as East Bengal Railway Co-Operative Society with its office beside the Railway Training Institute at Sealdah, it was later renamed in its current style to reflect the evolved areas of geography coverage.
The partition and formation of Pakistan resulted in significant loss of membership and writing off loans from the books of its then prosperous branch at Chattogram (now, Chittagong) which had to be abandoned, in erstwhile East Pakistan (now, Bangladesh).
On February 10, 2010 the Society received banking License from RBI and since then have been functioning as an unscheduled Urban Co-operative Bank. It is head quartered in Kolkata with
four branches &ten camp offices in West Bengal, Assam & Bihar.
The history of the Bank is entwined with the development of railway lines in its jurisdiction and rich with heritage. The present head office used to be the residence of a very prominentjewel merchant, purchased in 1961 through an auction.
We are committed to preserve this rich heritage and continue with the tradition of Social& Inclusive Banking to serve the financial & social needs of the employees of Indian Railways.
Shareholders
Serving the Daily Heroes of Indian Railways is the DNA of the Bank. The on-ground staff on the train, at the stations, in between stations and also those who are working to construct new railway lines and maintain old ones in far flung remote locations, form the bulk of our membership population.
Through their small, micro but very meaningful transactions, they own the equity, invest in most of the Bank’s various savings schemes & accounts and constitute 100% of the lending book of the Bank.
Apart from providing holiday homes and guest houses at concessional rates, several initiatives are underway to add value to the membership through welfare programs and activities with the sole objective of economic & social welfare of the members. Eastern & North-East Frontier Railway Co-operative Bank Welfare Fund is an active fund growing through yearly contribution from Indian Railways in a manner linked with the loan disbursements by the Bank.
Compulsory Retirement Benefit Deposit is another unique savings proposition that converts tiny monthly savings at attractive interest rates to a nice lumpsum on retirement along with withdrawal of the membership. The compounding power of interest works its magic.
Google Arts & Culture(hyperlink to https://artsandculture.google.com/project/indian-railways) in collaboration with Indian Railways has curated the heritage of the Indian Railways and captured the essence of our Member Shareholders, the Daily Heroes.
Board
List 24-25 members with following details:
Passport sized photograph with two lines below the photograph (Name & Representation)
CEO’s Message
It is a rare privilege to be able to offer social and inclusive banking services to the women and men employed with Indian Railways in the vast geographical spread of Railway jurisdiction of Darjeeling Himalayan Railway, East Central Railway, Eastern Railway, Metro Railway Kolkata & North East Frontier Railway.
While bulk of our activity is concentrated in the sister states of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland & Tripura, we have healthy representation from Bihar and of course from West Bengal, that houses this century old Bank.
The Bank is undergoing phenomenal transformation to compete with larger commercial institutions while retaining its social & inclusive DNA to serve the Daily Heroes of Indian Railways.
We are managing this change in Indian Banking landscape with knowledge at the forefront of our strategy and we welcome knowledge & technology partnerships that might enrich our last mile service delivery propositions.
Team
List 10-16 members with following details:
Passport sized photograph with two lines below the photograph (Name &Area of work).