Jogindra bank joins big league

Jogindra Central Cooperative Bank, Solan, has become a registered Member Lender Institution (MLI) under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). It is the second cooperative bank in Himachal Pradesh, after the State Cooperative Bank, to achieve this milestone.

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With this recognition, the bank will now offer collateral-free loans to Micro, Small and Medium Enterprises (MSMEs), similar to commercial and private banks. The CGTMSE scheme, initiated by the Government of India and the Small Industries Development Bank of India (SIDBI), aims to enhance financial accessibility by providing credit guarantees to MSMEs. By becoming an MLI, Jogindra Cooperative Bank will contribute significantly to promoting entrepreneurship, generating employment, and empowering the local economy.

“This is a proud moment for Jogindra Cooperative Bank. Becoming a member lender of CGTMSE will allow us to extend financial support to the MSME sector. Small and medium enterprises form the backbone of our economy, and this initiative aligns with our mission to foster economic development and self-reliance in our community,” said the bank’s chairman, Mukesh Sharma.

By offering collateral-free loans, the bank can help entrepreneurs and small business owners start or expand their ventures. The CGTMSE cover ensures that the bank does not face financial losses in case of loan defaults. This will enhance the bank’s loan portfolio, improve profitability, and drive long-term growth. Supporting startups and small businesses will further strengthen the local economy, leading to increased employment opportunities.

With CGTMSE membership, Jogindra Cooperative Bank can now offer competitive financial products, placing it at par with private and commercial banks. The credit guarantee cover enhances the bank’s credibility, attracting more business customers and improving overall performance. By facilitating easy loan access, the bank contributes to the successful implementation of financial inclusion policies in the country.

A Board of Directors meeting was also held under the chairmanship of Advocate Mukesh Sharma to discuss future strategies. The bank announced plans to make 32 new appointments soon.

“We extend our gratitude to our customers, stakeholders, and regulatory bodies for their continued support in making this achievement possible,” added Sharma.

The event was attended by the bank’s Managing Director, Pankaj Sood, along with Directors Yogesh Bhartia, Sanjeev Kaushal, Vijay Thakur, Jitendra Thakur, Dr. Jagdish Sharma and Hazura Singh.