Banking Scenario in the State of Jharkhand

• There are about 1500 bank branches of Scheduled Commercial Banks, Private Banks and Regional Rural Banks working in the state of Jharkhand.
• About 1000 branches are situated in rural areas and about 250 branches in semi-urban areas.
• Allahabad Bank is the convener of State level Banker's Committee with its office situated at Lalpur Chowk, Ranchi ( Telefax No. 2560364).
• Of the 22 districts in the state, Lead Responsibility is vested with Bank of India in 13 districts, with SBI in 7 districts and 2 with Allahabad Bank.
• In a bid to improve the customer service, majority of the banks have computerized their bank branches particularly in urban and semi-urban centers, extended/modified their banking hours and have installed ATMs at prominent centers.
• There are good numbers of specialized bank branches like Agriculture Finance, SSI Finance, Industrial Finance, Trading Finance, Personal Banking etc. operating in the major district headquarters of Jharkhand.
• Almost all the banks while on the one hand extend their service for lending Under Government Sponsored Schemes; they are generous in giving all types of loans to all class of the society.
• Most of major banks have their controlling offices situated in Jharkhand with sufficient discretionary authority for lending which enables quick disposals of even bigger proposals at local level.
• The interest rate on advances of all the banks is variable depending upon prime lending rates of individual banks.
• In order to look after the customer's grievances a customer service committee has been formed by the Bank of India, Zonal Office and Ranchi under the aegis of Reserve Bank of India.
• One banking ombudsmen functions at Patna for the banking related complaints commonly for the State of Bihar and Jharkhand both.
• Other banking related agencies like NABARD, SIDBI etc. are also have their office situated at Ranchi.
• The convener bank of SLBC has set up an entrepreneurship development institute at Mashipidhi, Hazaribagh named as Birsa Munda Institute of Entrepreneurship Development.
• The State Level Inter Institutional Committee is also functional in the State under the direct supervision of RBI.
• To Speed up the recovery of bank dues, separate Debt Recovery Tribunal has been set up in the state with its office at Ranchi.