Bikash Choudhury
Recent news report on Orissa State Co-Operative Bank receiving commercial banking license from RBI. Unlike many other States, Orissa does not have a commercial Bank of its own; and, neither, any Nationalized Bank is head quartered at state capital. This scenario continue to plug the demonstratable development of industrialization in SME sector without being prejudicial to the efforts of commercial banks present in the state. However, the need of “Bank of Odisha” can’t be over emphasized for speedy growth of ancillary industries along with and in & around, heavy metal based industries present in the state. Further, currently approximately 2.5 million Odiya with high income live in cities like Delhi, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, Vizag and Ahmedabad. Again equal number of people lives overseas. If our State Govt. takes step to set-up Bank of Odisha in near future then, such bank can attract deposit of over $2.5 billion USD per year which is equivalent to State annual plan. Bank of Odisha, if conceptualized appropriately can usher in a new eco system for entrepreneurship, faster development and growth in MSME sector & ancillary units and harness growth of low cost fund for Agriculture sector.
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