Equality | Honesty | Unity
The name can be distinguished from other by its activity, dedication and service to the employees of Central Bank of India and particularly its role in co-operative movement. It has a glorious journey of 62 years from 1955. It is a largest co-operative in Central Bank of India which has its area of operation extended to 12 eastern regional states.
Like other sections of the societies of India, Bank employees as a whole were suffering from severe economic crises arises as a consequence of 2nd world war, at mid of forties of last century. For getting out from the crises, the employees of central Bank of India formed an employees’ association namely Central Bank of India Employees Association (CBIEA) in the year 1946 under the leadership of Late Naresh Chandra Paul. With a view to break this association, Bank management retrenched some of the leaders including Naresh Chandra Paul. In course of regular struggles, it was felt by the union leaders that an employees’ co-operative society which will stand with its economic assistance to the movement of association in case of need, was required.
As a result a resolution was moved by Late Naresh Chandra Paul at the meeting of Central Bank of India Employees Association in its meeting on 3rd April 1954, in presence of LateTarakeswar Chakraborty.Thus, this co-operative society namely Central Bank of India Employees’ Co-operative Society came into existence on 28th April 1955, with the sole aim of “each for one and one for all”.
Primarily, the society was registered as per provision of “The Bengal Co-operative Societies Act 1940”. Subsequently, as the area of activity of the society spreads over more than one state & after the enactment of Multi-State Co-operative Societies Act 1984 & Rules 1985, this society goes under the purview of the Multi-state Co-operative Act. At present the society is governed by Multi-State Co-operative Act 2002 and Rules, and its area of operation is extended to 12 eastern regional states namely Assam, Arunachal Pradesh, Bihar, Jharkhand, Manipur, Meghalaya, Mizoram, Nagaland, Orissa, Sikkim, Tripura, West Bengal.
A managing committee, consisting of 15 members, was formed at the time of registration.
The committee met in its first committee meeting on 17th May, 1955 and start functioning of the society.
As per Bye laws adopted in the meeting, every member should have to purchase at least one share for Rs. 10/= ( paid up value Rs.5/-) . Admission fee – re.1/-, Thrift fund- Re.1/- . Interest on T.F was 1% p.a. minimum 4 annas, while interest on loan was 7 ½% p.a calculated on monthly basis. According to Bye laws of the society, only the employees of Central Bank of India, working the branches situated in its area of operation, were entitled for taking membership of the society. In the year 2014, the byelaws of the society was changed and allowed the retired employee of the Central bank to be a regular member of this society.
Initially, the Society started it’s normal business from the space allotted by Bank at Calcutta Main Office, located at 33, N.S.Road, Kolkata, which was the controlling office of the branches located in the states of Bihar, Orissa, Assam ,also.In the year 1974, a devastating fire damaged the entire building of Calcutta Main Office of the Bank wherein the society’s office was situated. Subsequently, the office of the society shifted to a space allotted by Bank at Rabindra Sarani Branch and thereafter at Bank’s New Market Branch, at 10, Lindsay Street . Like other branches of Bank, the New Market Branch was also a rented house. As the building was old and the owners were not interested to renovate the same, society approached to the owner of the building to sale the building to the society. The society purchased the building in the year 1994. Since then society is functioning from this five storied building in New Market area.
At the initial stage the membership of the society was 277 in the year 1955 and the activity was to give loan to the members. At this stage, total T.F, Guarantee Fund & share capital were 7/-, 190/- & 5800, respectively, while loan amount was 7000/-. Paucity of fund was a serious obstruction against regular functioning of the society. To overcome this problem, members of the managing committee kept their money with the society, from their own.
Thereafter, society extended its activity by opening its first holiday home at Puri, in the state of Orissa on 15th August 1967. Thereafter some more holiday homes were opened at Varanasi, Santiniketan, Darjeeling, Rajgir, Digha, Kolkata, Gangtok, Pelling, Lataguri and Hardwar, though, holiday homes at Rajgir, Darjeeling and Lataguri were shuttered down due to some local disturbances. The holiday homes at Digha, Kolkata & Bakkhali are running in its own building.
Besides above, Society introduced some welfare scheme for the benefit of members, retired members and their families. Those ware 1) one time financial help to members suffering from cancer, Heart ailment, Brain surgery Kidney transplantation etc. 2) medical Assistance to retired members,3) financial assistance to the family of expired members,4) merit award etc. Not only these schemes, Society always stood by the sides of the members who were affected natural calamity. In the year 2000 members in the state of Orissa seriously affected by super cyclone .Society opened a relief camp there for assessing the condition and necessity of the members and allowed financial relief for Rs.1000/- per member, Interest free loan for 10000/- and waived four loan instalments repayable by the members to the society.
Like other offices, at the beginning the society’s records were maintained in ledgers, registers and books manually. In the year 2004, paper works of some of the departments replaced by computer to serve its members better. There after, all departments were came under the computerized system.
Despite the growth the society always remained responsible to the lager society keeping in view the sixth principle of co-operative “Concern for community”. The society previously regularly organized blood donation camp and tried to extend its help to the victims of natural calamities, handicapped children, for the health care of students and poor people. The Society has donated Rs. 50,000/- each to the “Students Health Home” & “Sramajibi Hospital”. The society also extended its hands to the old aged citizens by donating Rs.4,00,000/- to the old age home ‘Anrinya’ at Madyamgram, 24 Pargans(North).
This Society played a significant role in the development of co-operative movement. The Society is one of the promoter members of Calcutta District Co-operative Union. It took a leading role in uniting credit Societies of state to repulse the attack of R.B.I to bring the credit societies under the purview of the Banking Regulation Act, 1949 in order to control their funds. The movement ultimately gave birth to the Federation of West Bengal Urban Co-operative Banks & Credit Societies Ltd.
Noble laureate poet Rabindra Nath Tagore was an enthusiastic exponent and advocate of Co-operative principles and values. On his 125th birth anniversary a folder containing thoughts of the poet on co-operation and co-operative movement was published by the society. In the year 2006 another folder was published by the society on the occasion of its glorious journey of 50 years. The folder was enriched with the brief history of the society and some photographs of our leaders. Besides this one more folder containing the brief account and development of Co-operative movement throughout the world and in our country as well as the role of our society in Co-operative movement was also published in international co-operative year 2012.
In recognition to society’s services, West Bengal State Co-operative Bank jointly awarded the Trophy for the 2nd Best Performance in the year 1993-94 & 2010-11 and best performance award in the year 2007-08, to the society. Besides these, the society was awarded with a Special Trophy for notable contribution in the Co-operative movement in 2007 by Federation of West Bengal Urban Co-operative Banks & Credit Societies Ltd. at its 10th State Level conference held a Digha.
The Society is the member of six apex Co-operative Organisations at district, State and national levels with senior members serving in the capacity of Chairman, Secretary and Director at different times. At present the Society is member of the following organizations.
National Co-operative union of India
National Federation of Urban Co-operative Banks & Credit societies Ltd
Federation of West Bengal Urban Co-operative Banks and Credit Societies Ltd
Calcutta District Co-operative Union
West Bengal State Co-operative Unions
Samabay Sasthya Unnayan Sanstha.
Founder Chairman(1955-1959)
Founder Secretary(1955-1967) & Chairman(1968-1977)