HARCO Bank – Haryana State Co-operative Apex Bank Profile, Products & Services

The Haryana State Co-operative Apex Bank Ltd.

Harco Bank LogoProfile of HARCO Bank:

History of HARCO Bank: The Haryana state Co-operative apex Bank limited famously called with its acronym HARCO Bank plays a main role in the economic status of the haryana State. For the last 35 years, the bank has been funding industrialists, farmers and rural artisans. HARCO Bank was awarded by National Federation of State Coop. Banks (NAFSCOB) Mumbai and National Bank for Agriculture and Rural Development (NABARD).

Network of HARCO Bank:

HARCO Bank operates as a three tier organization in State level, District level and Patwar Circle Level. The state level consists of 13 branches and 2 extension counters; the district level covers 19 central co-operative banks with their 336 branches and the third occupies 2384 mini Banks funding more than 25lakh members belonging to the rural areas of Haryana. Core banking solution is being installed in the State level branches of HARCO Bank.

Financials of HARCO Bank:

NABARD has provided economic support to the District Central Cooperative Banks below Cooperative Development Fund for meeting the expenditure of computerization. As on March 2008, the total loan issued was around Rs.3850crores with a total loan outstanding of Rs.3600crores. The profit of HARCO Bank for the year ended March 2007 was Rs.25.63crores.

Services of HARCO Bank:

The IT Plan covers complete skin about the present system of the bank, future system, technological necessities, implementation strategy and its impacts on the working of HARCO Bank. HARCO Bank is providing advisory services to the District level central co-operative banks.

HARCO Bank Personal Banking:

HARCO Bank provides various deposit schemes and corresponding rate of interest.

Deposit Schemes:

  • Recurring Deposits
  • Re-investment Term Deposit(RITD)
  • Money Multiple Certificate (MMC)
  • Fixed Deposit
  • RD cum PF (for Institutions only)

Rates of Interest:

  • Savings Bank
  • Term Deposits

HARCO Bank Loans:

Various types of loans offered by HARCO Bank are listed below. It is useful for students, farmers, rural traders etc.

  • Cash Credit Limit
  • Working Capital Limit
  • Interim Finance
  • Loans against gold ornaments
  • Scheme for purchase of consumer durable
  • Cash credit facility to businessmen
  • Collateral or hypothecation of stock in trade
  • Loans to the parents of students pursuing professional degree – courses of education like engineering, medicine, etc. on the basis of repaying capacity of parents.
  • Loans to the individuals for purchase of auto-rickshaw, taxi-cars, motor-buses, light commercial vehicles, lorries (within the meaning of “small transport operators).
  • Temporary overdraft facility to individuals on the basis of credit report.
  • Advances against national savings certificate (minimum margin 25%)
  • Composite loan scheme
  • Integrated loan scheme
  • Farm sector activities
  • Small road water & transport operators scheme (s.r.w.t.o scheme)
  • Advances under nff
  • Crop Loan/Kisan Credit Card
  • Cash Credit against hypothecation of stocks
  • Interim finance by way of cash credit

HARCO Bank Head office address:

The Haryana State Cooperative Apex Bank Limited,
SCO 78-80, Sector 17-B,
Chandigarh, India.
HARCO Bank Phone number :  702178, 702370, 721026,
HARCO Bank E-mail : harcobank@yahoo.com
HARCO Bank Website : http://harcobank.nic.in/