CHAPTER
VI
BANKING,
TRADE AND COMMERCE
(A)
Banking and Finance
The better position of the financial resources serve as vital factor in the economic development of a region. While well-organised banking and institutional finance would help the economy of a particular area, as a complementary to it. Trade, commerce and marketing activities would also develop and influence the economic, social and cultural life of the people. It can be seen in the present area of Nawashahr District as found in the other parts of the State, that the banking system has been equipped with new dimensions as a result of changing economic, social and political activities. In the recent decades it is responding well with the changing needs.
Before the advent of modern banking which has its roots as the early part of the twentieth century, as is elsewhere, here (in the area presently falling in the Nawashahr District) the private moneylenders, merchants, the affluent, and the landlords were engaged in money lending in their own way. There was no control of the Government over the rates of interests charged by the private moneylenders and no uniformity in interest rates, which varied from place to place.
(a)
History of Indigenous
Banking
The
history of indigenous banking of the area falling under the Nawashahr District
was not much more different from other adjoining districts of Jalandhar and
Hoshiarpur. Since time immemorial indigenous banking has played a very
important part in the monetary organisation of the country. Many references
regarding the working of the indigenous banking can be had from the Vedas,
Manusamriti and Kautilya’s
Arthashastra. The Indigenous bankers financed trade and commerce and
supplied money to the needy. This type of banking had developed in
During the period of Chandragupta Maurya as shown in Kautilya’s Arthshashtra indigenous banking existed in many parts of Punjab, particularly in the Doaba area. The more important credit instrument that was circulated by the indigenous bankers was hundis for facilitating trade and commerce. The bankers who operated in towns and cities, received deposits, created credit and advanced loans for the exploitation of trade and commerce. Their main function was to take deposits from the surplus units and advance money to the deficit units. The indigenous bankers in towns and villages had roaring banking business and they also enjoyed a respectable social status. The rural moneylenders (Shahukars) were mainly concerned with financing consumption expenditure and unforeseen contingencies
The system however,
received some jolt due to the Muslim invasions of
Another set back fell
on the indigenous banking system with the advent of the British rule in
When the malpractices became rampant, the Government took several steps to deal with the situation. In order to safeguard the interests of the cultivators, the Government passed the Punjab Alienation of Land Act, 1900. The Act debarred the Shahukars from acquiring mortgaged lands, but entitled them to remain satisfied with the produce of lands. In the meantime, a new class of agricultural moneylenders came into existence. They did not come under the purview of the Act, and as such their lending could be upto an amount equal to the value of the land. However, the Act of 1900 permitted the Shahukars to lend upto an amount which was equal to the produce of the land. With the enforcement of the Act, the ordinary moneylenders converted themselves into agricultural moneylenders. They maintained the status quo in the moneylending business. Thus, the Act failed to eradicate the evils of the system.
To restrain the powers of the moneylenders, a series of the Acts were passed in Punjab, such as, the Punjab Regulation of Accounts Act of 1930, the Punjab Relief of Indebtedness Act, 1934, the Punjab Debtor’s Protection Act, 1936, and the Punjab Registration of Moneylender’s Act. 1938. All these Acts limited the sphere of operation of the moneylenders and also restricted their exploitative powers. However, the newly created agricultural moneylenders (between 1900-1950) dominated the scene. They consisted of mainly the rich land-owners, ex-servicemen and retrenched service personnel who came from the towns and cities with sufficient money saved from salaries. As the land value went up several times, the land-owners could very well afford to become moneylenders.
The urgency for the creation
of a parallel financial institutions in
Despite the
passage of various laws, the moneylenders continued to by-pass the provisions
of laws. They indulged in various malpractices. All moneylenders did not obtain
licences by getting themselves registered. They did not maintain regular
accounts. As on
(b) General Credit Facilities
(i) Indebtedness- Rural and
Urban
Indebtedness(rural and urban)
means the amount of loan, which the people owe to the various financing agencies and individuals. The amount borrowed
by the rural people from different sources for investment in various fields
refers to rural indebtedness. Moneylending being very old and deep in the
society, closely connected with agriculture is the serious problem of rural
indebtedness in modern
Rate of interest. – The interest is paid by the borrower, on the amount borrowed to the lender. There is no uniformity of rates of interest as for as the private lending is concerned. These vary from place to place and depend upon the borrowing and lending position of the parties concerned. It differs with the nature of the loan, the period involved, the risk involved, the nature of surety, etc.
Indigenous unregistered moneylenders charge interest varying from 18 to 30 per cent or sometimes even more. With the advancement of literacy and the availability of adequate banking facilities the system of usury have become outdated. However, in the remote areas where people are still backward, the moneylenders take advantage of their ignorance and helplessness by charging high rate of interest.
The commercial
banks in the district charge rate of interest fixed by the Reserve Bank of
|
Serial No. |
Category of Loan |
Interest Rates (Per cent) |
|
1 |
Composite
Integrated and Small Road Transport Operator Loan Scheme |
|
|
i |
Upto
Rs 25,000 |
13.00 |
|
ii |
From
Rs 25,000 to Rs 2 Lakhs |
13.50 |
|
iii |
Above
Rs 2.00 Lakhs |
14.50 |
|
2 |
Cash
credit facility to businessmen, traders, contractors and self employed
persons |
15.00 |
|
3 |
Vehicle
loans under bank scheme |
15.00 |
|
4 |
Scheme
for loans to students for professional courses |
14.00 |
|
5 |
Loan against National Saving
Certificates/ Kisan Vikas Patras |
14.00 |
|
6 |
Medium
term loan for purchase of consumer durables |
14.50 |
|
7 |
Overdraft facility to the employees of the
Bank/Cooperative Department/Audit Department |
13.00 |
|
8 |
Loans
to Cooperative Central Banks |
|
|
i |
Working
capital loans |
13.50 |
|
ii |
Term
loans |
13.50 |
|
9 |
Loans
to other Apex Societies |
|
|
i |
Cash
Credit |
13.50 |
|
ii |
Term
loans |
15.50 |
|
(Source: Managing Director, Punjab State
Cooperative Bank Limited, |
||
(ii) Role of Private Moneylenders and Financiers
Moneylenders.- Despite considerable growth of cooperative credit societies and banks, the influence of private moneylenders has not waned in the district. The moneylenders charge high rate of interest than other agencies but still they are popular because firstly they are easily approachable, secondly borrowers have not to undergo any red-tapism thirdly they sometimes advance loans without any landed security and so borrowers have no fear of attachment of property. It is not correct, however, to dismiss the moneylender’s role as wholly nefarious. He meets the real needs. For the productive loans even today, people in the villages overwhelmingly depend on indigenous and personal borrowing.
In the urban areas some people are lending money at an exorbitant rate of interest. In spite of the high rate of interest, people take loan from such persons, as it is available to them easily at the time of their need.
With a view to controlling the activities of moneylenders and other indigenous financiers, who were carrying on moneylending business for many years were exploiting the illiterate weak debtors, a number of steps were taken by the Government. In order to protect the borrowers many legislative measures were adopted by the Government before and after the Independence. The main purpose of enacting these legislations was to protect the borrowers and to keep the rate of interest rates under check. The private moneylenders now operate under severe restrictions imposed by the Punjab Registration of Moneylender’s Act, 1938. By this act, the moneylender is required to register himself with the concerned Sub Divisional Magistrate and obtain a licence for carrying on the business. He is also required to maintain regular account books.
(iii) Government and Semi-
Government Credit Agencies
Prior to
The Punjab
Financial Corporation was established in 1953 with the object of providing
medium and long-term loans to the industrial concerns located in the State of
The Punjab State Industrial Development Corporation was incorporated in 1960 to act as catalyst for the development of large and medium-scale industries in State. Since then, it has been acting as prime mover in the State for promotion of industrial venture and helps the entrepreneur to identify and investigate projects and to obtain letter of intent/registration from the Government; provides financial support both equity and term loan assistance; acts as an agent of Industrial Development Bank of India and State Government for providing assistance to industry under various schemes, etc.
In addition, the Punjab Khadi and Village Industries Board advances loan and credit facilities in rural areas for the promotion of small and village industries. The Punjab Khadi and Village Industries Board established in 1955, is actively engaged in the economic uplift of the rural masses of the Punjab State, particularly in village industries and artisans belonging to Scheduled Castes, Backward Classes, weaker sections of the society and yellow card holders through the programme and scheme of Khadi and Village Industries Commission.
(iv) Commercial Banks
Banking was known and practised in India at a time when the rest of the world had yet to evolve a medium of exchange in the form of money. However, the organized Joint Stock banking institutions on western lines began to develop in the country about the middle of the nineteenth Century. In India these banks have passed through varying fortunes. In the first decade of the twentieth century, there was a mushroom growth and consequently there were bank failures on a very large scale.
The social controls on banks were introduced in 1968, the banking activities are being increasingly regulated by the Government of India and the Reserve Bank of India. The private sector banks also have been directed to diversify their lending activities. There is uniformity in the rates of interest charged by these banks, as they are governed by the directives of the Reserve Bank of India. Under Social Control on Banks Scheme, 14 major commercial banks were nationalized in the country in July 1969 and another 6 major commercial banks were nationalized in April 1980. In 1993, the Government of India allowed the setting up of new private banks through its guidelines issued in January 1993. With the opening of new private banks competition has become an important factor in achieving higher productivity and efficiency of the banking system. The existing banks have been allowed greater flexibility to expand their operations. Besides, foreign financial institutions have been permitted to have equity participation upto 20 per cent in new private sector banks.
The Lead Bank Scheme introduced by the Bank on 16 December 1969, an important step towards implementation of two-fold objectives of mobilization of deposits on an extensive scale throughout the country and stepping up of lending to weaker sections of the economy, was the culmination of the policy thrust imposed on nationalized banks.
As on 31 March 2001, in Nawashahr District, 20 Commercial banks, apart from the regional rural banks, central cooperative banks, citizens urban cooperative banks and primary agricultural development banks were functioning. Banking facilities are available in all the towns and major villages of the district.
The Lead Bank Scheme was implemented in December 1969 with the purpose to coordinate the banking services available in the district (treating the district as one unit). The lead bank scheme envisages economic development of the area by increasing the resources, implementation of approved schemes, especially schemes giving stress on lending to the priority sectors and weaker sections. The credit plans are prepared in consultation with various district development departments through the joint efforts of the commercial and cooperative banks, the government financial institutions, etc. under the overall co-ordination of the Lead Bank. The Lead Bank Scheme has helped to reduce the imbalance and inefficiency of banking services. With the launching of Service Area Approach or Grass Root Planning at village level on 1 April 1989 by Reserve Bank of India, Lead Bank Scheme has been strengthened and new initiatives like Village Development Plan, Branch Credit Plan, Family Development Satellite Clubs, Self Help Groups, Farmers Club, Women Groups, etc. are fastly emerging taking development planning from macro level to micro level. Under Service Area Approach, each bank branch in rural and semi–urban areas serves a designated area about 15 to 20 villages in its neighbourhood. This new arrangement is a vital step to improve the credit delivery system apart from focussing attention on allocated service/command area by respective banks and monitoring of the end use credit. A designated branch is primarily responsible for meeting the appropriate credit needs of the service area. Service Area Approach has helped in improving the quality of lending by forging a link between credit and financial requirement for a planned growth of the village economy. This scheme has provided banking facility to all the villages of the district. Punjab National Bank is functioning as Lead Bank in the Nawashahr District.
The commercial banks alongwith number of branches functioning in the Nawashahar District as on 31 March 2001 are given below:
|
Serial No. |
Name of the Bank |
Number of Branches |
||
|
1 |
Punjab National Bank |
19 |
|
|
2 |
Punjab and Sind Bank` |
11 |
|
|
3 |
Allahabad Bank |
3 |
|
|
4 |
Bharat Overseas Bank |
2 |
|
|
5 |
Bank of Baroda |
3 |
|
|
6 |
Bank of India |
1 |
|
|
7 |
Canara Bank |
5 |
|
|
8 |
Central Bank of India |
3 |
|
|
9 |
Indian Bank |
2 |
|
|
10 |
Indian Overseas Bank |
1 |
|
|
11 |
Oriental Bank of Commerce |
6 |
|
|
12 |
State Bank of Patiala |
11 |
|
|
13 |
State Bank of India |
4 |
|
|
14 |
Syndicate Bank |
1 |
|
|
15 |
Union Bank of India |
3 |
|
|
16 |
UCO Bank |
2 |
|
|
17 |
ICICI Ltd. |
1 |
|
|
18 |
Bank of Punjab Ltd |
1 |
|
|
19 |
Shivalik Kshetriya Gramin Bank |
2 |
|
|
20 |
Citizens Urban Cooperative Bank |
2 |
|
|
(Source: Manager
Lead Bank, Punjab National Bank, Nawashahr) |
||||
The bank wise list of bank branches functioning as on 31 March 2001 in the Nawashahr District is given in Appendix I at pages 188 to 191.
Aggregate deposits and gross bank credit of the Nawashahr District covering all scheduled commercial banks for the year 1997 to 2001 are as under:
(Rs in Lakhs)
|
Year |
Aggregate Deposits |
Gross Bank Credit |
||
|
1997* |
92,381 |
8,041 |
|
|
|
1998** |
1,07,464 |
9,563 |
|
|
|
1999 |
1,29,060 |
12,105 |
|
|
|
2000 |
1,49,253 |
14,566 |
|
|
|
2001 |
1,68,305 |
17,889 |
|
|
|
(Source: Assistant Manager, Reserve Bank of India) |
||||
Regional Rural Banks.- These banks were established under the Regional Rural Banks Act, 1976 with a view to meet exclusively the needs of the rural population and in particular the weaker sections of the rural population, namely, small and marginal farmers, agricultural labourers, artisans and small entrepreneurs. With a view to facilitating their operations in the context of their catering exclusively to the weaker sections, the Reserve Bank has granted many concessions to the Regional Rural Banks. For instance, these banks are included in the Second Schedule to the Reserve Bank of India, Act immediately on their establishment. They have been allowed to maintain a lower level of statutory reserve ratios than scheduled commercial banks at the minimum percentages prescribed for cash reserve and liquid assets. Two Shivalik Kshetriya Gramin Banks has been functioning in the district since 1987 and 1997 at Bhaddi and Bichhauri.
(v) Post Office Savings Bank
Accounts
To extend the banking facilities at everybody’s door step the Post Office Saving Bank Scheme was started. The post office savings bank in India have been handling the savings bank deposits since 1886. Post Offices are the most important outlets for the savings of the people specially in the interior areas. With the spread of post offices in towns and villages, these savings banks got wider areas of operation. After the Independence efforts have been made to tap the savings of the community through the post office savings banks. To fulfil this purpose different varieties of schemes have been introduced in the district to mobilize the small savings in the rural as well as urban areas.
Details of new accounts opened and the amount deposited in these accounts during the years 1995-96 to 1999-2000 is given in the
* Reference date for 1997 data
is last Friday of June
** Reference date for 1998 data is last Friday of March and for other years it is 31 March.
table given below:
|
Year |
New accounts opened |
Amount deposited in new accounts (Rs) |
|
1995-96 |
4,776 |
15,29,13,090 |
|
1996-97 |
4,881 |
11,91,80,228 |
|
1997-98 |
5,580 |
13,28,23,440 |
|
1998-1999 |
6,091 |
12,77,82,740 |
|
1999-2000 |
6,916 |
18,02,03,911 |
(Source: Senior Superintendent Post Offices, Jalandhar and Hoshiarpur)
(vi) Cooperative Credit
For a very long period the usual sources of short-term finance of the farmers were the moneylenders, who preferred to buy the produce himself at concessional rates. Thus, the two target factors depleting the peasant’s income were the exploitation by the moneylender in his dual capacity as the combined credit agency and the marketing agency. The exploitation by the moneylender worked like double edged blade, high rate of interest on loans to the poor agriculturists and low return for their produce. Sir Fredric Nicholson was the first person, who suggested in 1897 that the cooperation in the country should be used as a means of combating rural indebtedness and the supplying of credit and pleaded forcefully the implementation
The cooperative movement was launched in the country with the passage of the first Cooperative Societies Act, 1904. As this Act was found inadequate a new Act was passed in 1912 which gave a fresh impetus to the formation of non-credit societies and central institutions. The cooperative credit structure which was introduced with the enactment of the Cooperative Societies Act, 1912 had undergone many changes and refinements. The cooperative movement in the Nawashahr District was started in 1934.
The passage of Punjab Cooperative Societies Act of 1954 and of 1961 further gave a fillip to the movement and enhanced its coverage. Cooperative credit occupy a predominant position in the cooperative movement.
As on 31 March 2001, the district was having 153 Cooperative Credit Societies besides 1 Central Cooperative Bank with 45 branches and 3 Primary Agricultural Development Banks.
Cooperative Credit Societies .- The Cooperative Credit Societies meet the credit needs of the farmers to a certain extent at a reasonable rate of interest and had rescued them from the exploitation of the moneylenders. Previously, the moneylenders advanced loans and other essential commodities on credit to the borrowers and preferred to buy the produce of the latter, in lieu thereof at concessional rates. This exploitation of the cultivators, acted like a double-edged blade i.e. high rate of interest on the loans advanced to the poor cultivators, and the low price given for their produce. The powers of the moneylenders were curtailed with the passage of the Punjab Registration of Moneylenders' Act 1938. The Cooperative Societies aim at eliminating the money- lenders as a class.
During 2000-2001, there were 153 cooperative credit societies (138 agricultural and 15 non-agricultural) in the district. The share in financing the agricultural credit is contributed by the cooperatives in the Nawashahr district. The agricultural credit societies save the agriculturists from the exploitation of the private moneylenders. These societies inculcate the habit of thrift and with that end in view, they mobilize rural savings so that they serve the twin purpose of thrift and credit.
During the past nine decades, cooperative sector has been developed as part and parcel of our economy. Cooperation has crept in all the sectors and there is no activity whether it is social or economic, which does not come under its preview.
The non-agricultural credit societies eliminate the exploitation of the artisans by the middlemen and help the members in the purchase of raw materials and disposal of finished products, efforts are being made to organise small-scale and cottage industries on cooperative lines. Tanning, shoe making and handloom industry have been selected for this purpose.
The details pertaining to membership and working of agricultural and non-agricultural cooperative credit societies functioning in the district during 1996-97 to 2000-2001 are given in Appendix II and III at pages 192 and 193 respectively.
(c) Insurance and Small Savings
Insurance.-Prior to 1956, there were agencies of various private insurance companies transacting life insurance business besides relating to fire, marine and miscellaneous classes of insurance. With the nationalization of Life Insurance in 1956, only general insurance remained in the private sector.The Life Insurance Corporation of India was formed by the Government of India on 1 September 1956. With the establishment of this corporation, it has become the largest single agency doing the life insurance business in the country. One branch of life insurance corporation was established at Nawashahr in 1962, when it was tahsil of Jalandhar District. At present this office covers the whole district including Balachaur Tahsil which was part of the Hoshiarpur District prior to the formation of Nawashahr District in 1995. The number of Development Officers and Agents in the district as on 31 March 2001 was 10 and 358 respectively.
The Life Insurance Corporation of India advances loans to the policy holders, government and semi-government institutions/agencies for different purposes at various rates of interest.
The following table shows the performance of the Life Insurance Corporation of India in the Nawashahr District during 1995-96
to 2000-2001:
|
Year |
Number of Policies |
Sum Assured (Rs in Crores) |
|
1995-96 |
15,825 |
14.69 |
|
1996-97 |
17,297 |
19.41 |
|
1997-98 |
20,402 |
25.97 |
|
1998-99 |
23,582 |
37.52 |
|
1999-2000 |
26,307 |
38.63 |
|
2000-2001 |
30,575 |
47.30 |
(Source: Senior Divisional Manager Jalandhar)
Prior to the nationalization of General Insurance Companies in 1973, a number of private companies were engaged in the work of general insurance. Besides, The Life Insurance Corporation had also started the general insurance business with effect from 1 January 1964. All the private general insurance companies were nationalized, on 1 January 1973 and the General Insurance Corporation was formed at apex level. Under The General Insurance Corporation had four general insurance companies viz. The Oriental Fire and General Insurance Company Ltd., The New India Assurance Company Ltd., The National Insurance Company Ltd., and The United India Fire and General Insurance Company Ltd., are working.
Small Savings.- After Independence, with a view to inculcate saving habits in general public and institutions, the Central and State Governments have launched a number of schemes. To implement the small savings schemes, the Central Government have established the National Savings Organizations in 1948. The organization is responsible for the publicity of various savings schemes and works for the mobilization of these savings for the national development. The main objective of the organization is to make the savings movement a people’s movement. The National Savings Organization is headed by the National Savings Commissioner with headquarters at Nagpur. At the headquarters, he is assisted by 1 Joint Savings Commissioner, 3 Deputy National Savings Commissioners, 1 Secretary, 1 Deputy Regional Director and 5 Superintendents. The field organization consists of Regional Directors at the State level, Deputy Regional Director at divisional level with supporting staff of District Savings Officers to look after the districts. To achieve its objectives, the National Savings Organization works in close coordination with the State Government. State Government, therefore, takes keen and active interest and work jointly with the National Savings Organization for the promotion of the movement and savings schemes. Many State Governments have set up their own Small Savings Organizations with Small Savings Directorates at State headquarters and offices at the lower formations. The main advantage to a State under this programme is that out of the money invested by the people in small savings, two third of it is available to the State Government as interest bearing loan from the Government of India for financing developmental activities with in the State.
The number of agents who canvassed and propagated for the small savings scheme on commission basis in the Nawashahr District as on 31 March 2001 was 353.
The gross and net investments under the scheme in the district during 1995-96 to 2000-2001 are given below:
(Rs in lakhs)
|
Year |
Gross achievements |
Net achievements |
|
|
1995-96 |
1,802.24 |
1,220.12 |
|
|
1996-97 |
4,801.73 |
2,875.88 |
|
|
1997-98 |
6,787.33 |
4,271.05 |
|
|
1998-99 |
8,075.81 |
5,685.82 |
|
|
1999-2000 |
11,281.16 |
7,951.85 |
|
|
2000-2001 |
13,842.77 |
9,654.79 |
|
(Source: District Small Savings Officer, Nawashahr)
The National Savings Schemes offer certain unique facilities including nomination, immediate encashment by nominee on the death of account holder, interest occurred on yearly basis for income tax payers in the case of National Savings Certificates (VI issue); Social Security Certificates and no tax deduction at source. Amount invested in these schemes are exempt from wealth tax upto Rs 5 Lakh for an individual.
National Savings Certificates.- The Government of India have released National Savings Certificates Series VIII. An investment in these certificates entitles an investor to get income tax exemption under Section 88 of the Income Tax Act, 1961. The interest accruing annually but deemed to be reinvested will also qualify for tax rebate under Section 88 of Income Tax Act. Such interest will be entitled to exemption under section 80-L of Income Tax Act. There is no upper limit for investment in these series. As on 31 March 2000 these certificates were available in the denominations of Rs 100, Rs 500, Rs 1,000, Rs 5,000 and Rs 10,000. In the VIII series Rs 1,000 grows to Rs 1,745.20* after six years. The annual rate of interest of 9.50* per cent payable on maturity is compounded six monthly.
(d) Currency and Coinage
The history of Indian civilization throws light upon the various phases of the gradual development of currency and coinage, from the use of cattle skins and cowries to unstamped and stamped metallic pieces as measures of value and means of payment. In the Vedic Age, pieces and lumps of gold (rukma) were used in place of coins, and in the Rig Veda there is a reference to the gold Mana and old semitic measure or coin.
Though barter system prevailed in this area during the reign of Chandra Gupt Maurya, yet people were not unfamiliar with use of copper, gold and silver coins. The Arthshastra of Kautilya bears a testimony to the existence of metallic currency in the district. Accordingly, silver coins were made up of four parts of copper and one sixteenth part of any of the other superior metals. Copper coins (tamarupa) were in much use.
Since the time of Emperor Akbar (1556-1605 A.D.),the currency in Punjab had come to consist of the gold mohar and the silver rupee, which both weighed 175 grains troy. There was no fixed legal ratio between them, though each of the coins bore a fixed ratio to the dam, the copper coin of the Mughal Empire. Under the Mughal rule, the mercantile affairs of the Kingdom were transacted in round mohars, rupees and dams. The copper coin (dam) formed the fortieth part of the silver rupee. For the purpose of accounts, the dam was divided into twenty-five parts, each of which can be called jital. Upto 1616 AD, the official rate of exchange was 40 dams for a rupee but, from 1627 AD onwards, the rupee was worth 30 dams or a little more or less.
Under the Hindu rule, preference was generally given to gold, 2001while the Muslims showed a predilection in favour of silver. Under the Sikh regime, the coins consisted of the silver rupee and the gold bugti equalled five rupees. During this period, mints existed at Jalandhar, Amritsar and Lahore (Pakistan).
*As on 14 March
During the British rule, besides the silver and gold coins, currency notes were issued by the Presidency Banks of Bengal, Chennai and Mumbai. However, these notes were not legal tenders and their circulation was confined to the presidency towns. In terms of an Act passed in 1861, the Government withdraw the power to issue notes from the banks and the sole right to issue notes was vested with it. Notes were then issued in the denominations of Rs 10, Rs 20, Rs 50, Rs 100, Rs 1,000 and Rs 10,000. In deference to the public demand notes in the denomination of Rs 5 were introduced by Act III of 1871. Popular demand and the restrictive nature of the currency circles gradually led to the ‘universalization of notes’ between 1903 and 1911. Notes of denominations of Rs 5, 10, 50 and 100 were universalized i.e. they were legally encashable outside the currency circle of issue. Universalization of notes gave a considerable impetus to the value and volume of paper currency circulating in India. The one rupee note was first introduced on 30 November 1917 followed by the exotic Rupees Two and Annas Eight in January 1918 as a wartime measure to conserve species.
Government of India continued to issue currency notes till 1935 when the Reserve Bank of India took over this function from the controller of currency. The Reserve Bank of India was established on 1 April 1935 in terms of the Reserve Bank of India Act, 1934. The Reserve Bank after its establishment put into circulation currency notes issued by the Government. The Bank made its first issue of Notes in the denomination of Rs 5 in January 1938, followed by Rs 10 in February, Rs 100 in March and Rs 1,000 and Rs 10,000 in June 1938. After the Reserve Bank of India was established, further issue of Rs 50 notes were discontinued and these notes gradually went out of circulation. The issuance of notes in the denomination of Rs 50 was later revised in 1975. In August 1940, the one rupee note was reintroduced, once again as a war measure in terms of the Currency Ordinance of 1940. This time, however it was not a promissory note but a Government note with the status of a rupee coin. The note was thus fiat money i.e. it assumed its value on the basis of Government authority. The issuance of Rupees Two, Annas Eight was contemplated but Rupees Two was introduced instead on 31 March 1943. The new design note of Rs 10 was introduced in 1944. In 1946, high denomination notes of Rs 1,000 and 10,000 were demonetized to curb unaccounted money. After 1947, the king George VI series continued to be issued as a frozen series till 1950 when post Independence notes were issued.1 The first note issued by Independent India was the One Rupee note issued by the Government of India through the Bank in 19492. The Ashoka Pillar drawn from the capital at Sarnath replaced the King’s head on our coins3. In 1951, Hindi was displayed prominently on new notes. The debate regarding the Hindi Plural of Rupaya was settled in favour of Rupaiya. High denomination notes Rs 1,000, 5,000 and 10,000 were reintroduced in 1954. In 1957, the decimal system was adopted in the country. Under the decimal system, the rupee being equivalent to 100 paise. Cost benefit consideration prompted the Bank to introduce Rs 20 denomination notes in 1972 and Rs 50 in 1975. The notes printed at Nasik used the wet offset lithographic process. Rs 5 notes were the first to be printed by this process were issued in March 1975. High denomination notes were once again demonetised in 1978 for the same reason as the 1946 demonetisation essentially to curb unaccounted money. Management of currency had to cope with the rising demands of a growing economy, together with a fall in purchasing. To contain the volume of notes in circulation Rs 500 note was introduced in October 1987 with the portrait of Mahatma Gandhi. In 1996 lower denomination notes Rs 1, Rs 2 and Rs 5 were gradually replaced by coins. Notes in denomination of Rs 1,000 were reintroduced on 9 October 2000 and Rs 500 notes were brought out in a new colour scheme in 18 November 2000. In deference to public demand and notes in the denomination of Rs 5 have been reintroduced in May 2001 to supplement the supply of coins4. However in terms of the current provisions of the Reserve Bank of India Act, 1934 notes in denominations higher than ten thousand rupees cannot be issued. Coins in India are available in denomination of 10 paise, 20 paise, 25 paise, 50 paise, 1 rupee, 2 rupees and 5 rupees. Coins upto 50 paise are called small coins and coins of rupee one and above are called rupee coins. As per the current provisions of the coinage Act, 1906 coins can be issued upto the denomination of Rs 1,0005.
(B) Trade and Commerce
After the annexation of Punjab in 1849 by the British, due to their liberal trade policy, free market economy imports and exports increased. During the later decades of the nineteenth century the laying of railway line from Phagwara to Jaijon 73.75 km encouraged Nawashahr (present area of the Nawashahr District) to extend its trade limbs with far off places. The improved transport facilities, trade contacts, the rising trend in the use of money, etc., made it possible to attract the moneylenders, traders from distant places to come and settle in this area.
1 Bazil sheikh,
Sandhya Srinivasan, ‘The Paper and the
Promise’ (A Brief History of Currency
and Bank notes in India) ,pp. 32-33
2 Ibid, p 41
3 Ibid ,p 42
4 Ibid., pp.42-47
5 Ibid
.,p87
Nawashahr is basically an agricultural district. Land is fertile and the cultivation extensive. Industrially the district is well developed and diversified. All these factors give to the district an advantageous position in trade and commerce.
During nineties the ordinary staple of the export trade consists of gur and mollases as sugarcane largely grown in the Nawashahr tahsil and the adjoining district Hoshiarpur. At present the main items of export from the district to the other areas of the country are wheat, paddy, rapeseed and mustard, sunflower, potatoes, etc. The main trade centres in the district are Nawashahr, Banga and Balachaur where the surplus commodities are brought for sale.
In the industrial sector also, the district has done remarkably well. The main items of export to foreign countries are, light commercial vehicles, pharmaceuticals, engineering goods, paper, acrylic blended yarn, grey iron castings etc.
The major items of import into the district are salt, coal, gunny bags. kerosene, cloth, iron and steel, etc.
(a)
Course of Trade
The usual course of trade for agricultural produce in the district is through the dealers/middlemen who are members of the regulated market committees. The growers bring their agricultural produce to a nearby grain market and the dealers sell it to the traders. Commission agents, wholesalers and retailers act as middlemen between the growers and the consumers as there is no direct link between them. The purchaser of the agricultural produce gather at the shop of Kachcha arhtias and the sale of commodities starts in open auction under the supervision of the auctioneers appointed by the market committee. Such sales are conducted daily during the hours fixed for this purpose. Kachcha arhtias, who sell the commodities on behalf of the cultivator receive commission on fixed rates, permissible under the bye-laws of the market committee and are responsible for the payments to the sellers. The commission is paid to the arhtias by the purchasers. The rate of commission during 2000-2001 was 2 per cent. The delivery of goods is made at the shop of the Kachcha arhtia.
(b) Trade Centres
(i)
Regulated and
Unregulated Markets
As on 31 March 2001 there were three regulated markets in the district one each at Nawashahr, Banga and Balachaur. Besides, there were 32 sub yards attached with these regulated markets in the district. The average number of villages and area served by each regulated market in the district was 155 and 419 Sq. Kms. respectively.
(ii) Fairs (Melas) and Other Rural Marketing Centres
Fairs (Melas).- A number of religious, social, recreational and seasonal fairs and festivals are held in the district at various places. Fairs (melas) play, an important role in business transactions. People from neighbouring villages participate in the fairs and apart from the purchase of eatables, they make other purchases to meet their household requirements. The detail of the fairs has been given in Chapter III ‘People’.
Cattle Fairs.- No cattle fair is organised in the district and district is depending on cattle fairs of the other districts.
(c) Cooperation in Trade
(i)
Cooperative Marking
Among other things, the main objective of the cooperative marketing
societies are: to provide remunerative and competitive prices for agricultural
products without any interference of middle men. To eliminate the exploitation
of the cultivators in the hands of middle men and hoarders, the Government felt
the need to establish cooperative marketing societies. In the area of present
Nawashahr District the first Cooperative Marketing cum Processing Society at
Nawashahr on 9 July 1953 followed by at Banga on 23 November 1953 were
established in the district. Balachaur Cooperative Marketing cum Processing
Society came into existence on 21 September 1998. These societies act as a
check against malpractices such as under weighing, unauthorised deductions and
delayed payments by the arhtias. At present, almost all the regulated markets and sub-yards are served by
cooperative marketing societies. The cooperative marketing societies maintain
their godowns, and the cultivators store their produce in these godowns.
Previously, they had to dispose it off immediately after harvesting. At the
district level District Cooperative Wholesale Marketing Society has been
organised for co-ordinating the activities of primary marketing societies. At
apex level, the Punjab State Cooperative Supply and Marketing Federation
(MARKFED) federates these institutions. .
The details of cooperative marketing and supply societies functioning in the district is given below:
|
Serial No. |
Name of the Societies |
Date of Registration |
|
1 |
The Banga
Cooperative Marketing Cum Processing
Society, Banga |
23 November
1953 |
|
2 |
The Nawashahr
Cooperative Marketing Cum Processing Society, Nawashahr |
9 July 1953 |
|
3 |
The Balachaur Cooperative
Marketing cum Processing Society, Balachaur. |
21 September
1968 |
|
(Source : Deputy Registrar Cooperative Societies, Nawashahr) |
||
In addition to the marketing of agricultural produce, these societies undertake the supply and distribution of agricultural necessaries such as modern implements, improved seeds, fertilizers, insecticides and other essential goods to the cultivators. Thus these societies render useful service to the cultivators by giving a fair deal to them in all transactions concerning agriculture. The cultivators are now getting fair prices of their produce and are no longer at the mercy of the commission agents.
Besides cooperative marketing societies, 212 milk supply societies, 79 weavers,’ societies, 93 women societies and 16 housing societies were functioning in the Nawashahr District during 2000-2001. These societies serve the interests of the farming and other sections of the society in the district in an effective manner.
The work done by the cooperative marketing societies in the Nawashahr District during the years 1995-96 to 2000-2001 is given in Appendix IV at page 194.
Cooperative
Consumer’s Stores.- No such store has been functioning in the district
(d) State Trading
Major fluctuations in the prices of food grains led to the State trading. The State agencies entered the market for purchase and sale of food grains at appropriate stage so as to strengthen its power to influence the course of prices and to prevent anti-social activities like hoarding and profiteering from getting the upper hand. The Food and Supplies Department is engaged in the procurement of foodgrains in order to give support price to the farmers and the distribution of essential commodities in the State. The department has opened purchase centres for the facility of farmers so that they are not to cover a distance of more than 5-6 km to sell their produce. It also ensures that there is no glut in the grain markets and the produce is to be lifted the same day.
For distribution of food grains and other essential commodities initially the Government have started a net work of fair price shops in urban and rural areas, The distribution of wheat, atta, rice, sugar, etc., is done through the fair price shops. In rural areas, the cooperative societies function as fair price shops. As on 31 March 2001, there were 298 fair price shops functioning in the district (50 urban and 248 rural).The total quantity of food grains purchased by the Food and Supplies Department under the State Trading Scheme in the Nawashahr District during 1996-97 to 2000-2001 is given as under:
(Tons)
|
Year |
Quantity Purchased
|
||
|
1996-97 |
69,500 |
1,04,269 |
|
|
1997-98 |
69,215 |
90,289 |
|
|
1998-99 |
56,316 |
95,695 |
|
|
1999-2000 |
1,12,314 |
1,18,208 |
|
|
2000-2001 |
1,60,902 |
1,26,552 |
|
|
(Source: District Food and Supplies Controller, Nawashahr) |
|||
(e) Merchant’s and Consumer’s Associations and Organs for
Dissemination of Trade News
Merchant’s and Consumers’ Associations.- There is no merchants’ and consumers’ association functioning in the district as on 31 March 2001.
Market Intelligence.- Almost all the daily newspapers disseminate market news to the public. In addition, there are some commercial dailies and periodicals which serve this purpose. The All-India Radio is the most important and effective instrument in this respect. The rates of various commodities in different markets in the State are broadcast daily. In these days some T.V. channels also relay daily market rates of different commodities. Besides, the market news about the rates commodities are also disseminated to the public through boards displaying rates outside the offices of the market committees. In some of the marketing centres, market news are also communicated to the dealers at different places through correspondence and trunk calls. The communication of market news is very important for efficient marketing and right coordination of the forces of demand and supply.
(f) Weights and Measures
There is no uniform use of standard weights and measures in the State prior to 1941, so much so that even in the same district it varies from village to village.
Owing to increase in commercial and industrial activities in the country, this chaotic situation created a sense of uncertainty in trade because of fraudulent practices of traders. To overcome this evil the Punjab Weights and Measures Act, 1941 was enacted, which itself was a corollary to the Central Standard of Weights Act, 1939. Under these Acts both the systems were prescribed viz. Indian System i.e. tolas, seer and maund and Avoirdupois System i.e. Ib, cwts and tons. Prior to the introduction of metric system the weights and measures prevalent in the area of present Nawashahr District are as under:
Measures of
length
57 inches = 1
Karam
Measures of Area,
System No. 1
1 square karam=1
sarsai
9 sarsais = 1 marla
20 marlas = 1 kanal
8 kanals =
1
ghumao
Measures of Area,
System No.2
1 square gatha = 1 biswansi
20
biswansis = 1 biswa
20
biswas = 1 bigha
Measures of
Capacity
5 rupees tolas = 1 chhatank
16 chhatanks = 1 seer
40 seers = 1 maund
Measures of
Weight
8 grains of khashkhash =
1 grain of rice
8 grains
of rice = 1 ratti
8 rattis = 1 masha
12 mashas = 1 tola
To bring the uniformity and standardise weights and measures and to facilitate the international trade, the metric system of weights and measures was introduced with effect from October 1958, in accordance with the Standards of Weights and Measures Act, 1956 passed by the Government of India and the Punjab Weights and Measures (Enforcement) Act, 1958, framed there under. The new system was introduced by stages. In the case of weights, the use of old weights too was allowed for a period of two years and from October 1960 the use of metric weights was made compulsory. In the case of measures, a period of one year was allowed for the measures previously in vogue and from April 1962, metric measures were made compulsory. The use of metric units also became obligatory from 1 April 1962.
To begin with the people in general and the rural masses in particular did experience difficulty in understanding the new weights and measures, but in course of time, they got accustomed to it.
The Act envisages the uniform system of Weights and Measures viz: the metric system, having following units of measurement:-
Metre (for length);
Kilogram (for mass);
Second (for time);
Ampere (for electric current);
Kelvin (for thermodynamic temperatures); and
Candelo (for luminous intensity);
To implement more strictly the use of standard weights and measures in the country under the provisions of Standard Weights and Measures Act, 1976, the Government of India enacted the Standard Weights and Measures (Enforcement) Act, 1985 and directed all the States to implement it. Under these directions to adopt the Act, the Punjab Government passed the Standard Weights and Measures (Enforcement) Rules, 1993. Under these rules the provisions of the Act are: name and complete address of the manufacturer/the packer; name of the commodity; quantity it contains in terms of metric units; month and year of packing or manufacture and maximum retail price rupees inclusive of all taxes.
In the Nawashahr District, one centre is functioning at Nawashahr, which is headed by an Inspector who is assisted by one Manual Assistant. The Inspector works under the control of Assistant Controller Weights and Measures, Jalandhar District, Jalandhar.
(g)
Storage and Warehousing
Upto the middle of the last century no scientific storage facilities for agricultural produce was available. People in rural areas store their produce in their houses, in bharolaas, kothis, in open under roof and in bags. The Royal Commission on Agriculture in 1928, the Reserve Bank of India in 1944 and Rural Banking Enquiry Commission in 1950 had emphasised the need for establishment of scientific storage facilities for agricultural produce. The All India Credit Survey Committee Report 1954 had again stressed the need for the scientific storage of food grains and other products and the utilization of warehouse receipts as negotiable credit instruments. These recommendations paved the way for enactment of Agricultural Produce (Development and Warehousing) Corporation Act, 1956 (since replaced by the Warehousing Corporation Act, 1962) and establishment of Central and State Warehousing Corporation. Now the warehouse receipts can serve as instruments of credit to the growers and traders to avail credit facilities from banks which enable them to wait for better bargaining in the market. The Punjab State Warehousing Corporation was established in January 1958 under the Agricultural Produce (Development and Warehousing) Corporation Act, 1956. It was reconstituted on 1 November 1967*, after the reorganization of the Punjab State under Section 18 Punjab State Warehousing Corporation Act, 1962.
As on 31 March 2001, the corporation was running two warehouses at Banga and Nawashahr in the Nawashahr district. Total storage capacity and utilization in each warehouse alongwith percentage occupancy are given below:
|
Serial No. |
Name of Centre |
Total Capacity
|
Total utilization |
Percentage occupancy |
|
1 |
Banga |
10,800 - |
9,557 |
88 |
|
2 |
Nawashahr |
- - |
18,942 |
91 |
|
(Source : Managing Director, Punjab State Ware Housing
Corporation, Punjab) |
||||
The main functions of the corporation are: to acquire and build godowns and warehouses; to run warehouses for the storage of agricultural produce, seeds, fertilizers and notified commodities; to arrange facilities for the transport of agricultural produce, seeds, fertilizers and notified commodities to and from warehouses and to act as an agent of the Government of Punjab for the purchase, sale, storage
* (Parliament Act No. 58 of 1962),
-vide Punjab Government Notification
No.1200(G)-Agri-VIII/55/8602, dated
and distribution of agricultural produce, seeds, fertilizers and notified commodities
Cold Storages.- As on 31 March 2001, the number of cold storages
in the district was 32. The
registration of these cold storages is done by the District Industries
Centre Nawashahr. Cold storages provide facility for the storage of perishable
commodities. The farmers store there perishable commodities such as potatoes,
etc., in these stores and wait for the reasonable price.
APPENDIX
I ( Vide page 171)
Banking
Offices functioning at various places in the Nawashahr District as on
|
Serial No |
Name of the bank |
Date of Opening |
|||
1
|
2 |
3 |
|||
|
i Punjab
National Bank |
|||||
|
1 |
Aur |
27 September 1969 |
||
|
2 |
Balachaur |
12 November 1976 |
||
|
3 |
Banga (Railway road) |
21 June 1949 |
||
|
4
|
Banga
(Grain market)
|
8 October 1945 |
||
|
5 |
Bahlur Kalan |
19 December 1979 |
||
|
6 |
Jadla |
25 march 1971 |
||
|
7 |
Khatkar Kalan |
28 June 1974 |
||
|
8
|
Langroya
|
2 December 1970 |
||
|
9 |
Mahal Gehla |
29 December 1971 |
||
|
10
|
Makhupur
|
18 December 1981 |
||
|
11 |
Mukandpur |
5 April 1969 |
||
|
12 |
Nawashahr Doaba |
11 March 1943 |
||
|
13 |
Nawashahr (Old court road) |
1 June 1971 |
||
|
14 |
Pojewal |
9 May 1980 |
||
|
15 |
Pharala |
26 June 1968 |
||
|
16 |
Rahon (Main bazar) |
25 October 1968 |
||
|
17 |
Rail Majra |
8 August 1981 |
||
|
18 |
Saroya |
29 December 1973 |
||
|
19 |
Urapar |
6 November 1971 |
||
|
ii State Bank
of Patiala |
|||||
|
1 |
Asron |
26 June1981 |
||
|
2 |
Balachaur |
17 January 1994 |
||
|
3 |
Bisla |
3 March 1982 |
||
|
4
|
Chandiani Khurd |
6 September 1984 |
||
|
5 |
Nawashahr |
16 July 1977 |
||
|
6 |
Nawashar (PSB) |
16 January 1997 |
||
|
7 |
Shiba |
2 September 1972 |
||
|
8
|
Jindowal |
26 October 1974 |
||
|
9 |
Aur |
18 November 1996 |
||
|
10
|
Banga |
16 January 1997 |
||
|
11 |
Mukandpur |
27 March 1997 |
||
|
iii Punjab
Sind Bank |
|||||
|
1 |
Behram
|
4 November 1970 |
||
|
2 |
Banga |
22 March 1974 |
||
|
2
|
3 |
|||
|
3 |
Chakdana |
16 September 1977 |
||
|
4
|
Dhahan |
6 January 1986 |
||
|
5 |
Garcha |
20 September 1977 |
||
|
6 |
Gunachaur |
27 March 1974 |
||
|
7 |
Kamam |
15 November 1985 |
||
|
8
|
Kathgarh |
19 September 1977 |
||
|
9 |
Majari |
4 October 1977 |
||
|
10
|
Nawashahr |
16 December 1974 |
||
|
11 |
Sarhal Kazian |
21 September 1977 |
||
|
iv Oriental
Bank of Commerce |
|||||
|
1 |
Nawashahr |
23 May 1974 |
||
|
2 |
Balachaur |
7 October 19081 |
||
|
3 |
Mahalon |
7 April 1997 |
||
|
4
|
Banga |
1 December 1972 |
||
|
5 |
Rahon |
27 June 1997 |
||
|
6 |
Karnana |
29 March 1978 |
||
|
v Canara Bank |
|||||
|
1 |
Nawashahr
|
30 March 1993 |
||
|
2 |
Aur |
24 December 1996 |
||
|
3 |
Rahon |
11 April 1997 |
||
|
4
|
Mukandpur |
6 November 1997 |
||
|
5 |
Banga |
6 May 1974 |
||
|
vi State Bank of India |
|||||
|
1 |
Banga |
30 July 1972 |
||
|
2 |
Nawashahr |
30 April 1938 |
||
|
3 |
Kahima |
13 August 1979 |
||
|
4
|
Naura |
4 February 1980 |
||
|
vii Allahabad Bank |
|||||
|
1 |
Banga |
10 November 1993 |
||
|
2 |
Nawashahr |
30 September 1975 |
||
|
3 |
Rattewal |
25 July 1977 |
||
|
viii Bank of Baroda |
|||||
|
1 |
Banga |
17 November 1976 |
||
|
2 |
Nawashahr |
16 November 1993 |
||
|
3 |
Mahli |
13 May 1988 |
||
|
ix Central Bank of India |
|||||
|
1 |
Banga |
9 November 1972 |
||
|
2 |
Balachaur |
15 February 1967 |
||
|
3 |
Nawashahr |
25 July 1969 |
||
|
|
|
|
|||
|
2
|
3 |
|||
|
x Union Bank of India |
|||||
|
1 |
Nawashahr |
28 June 1976 |
||
|
2 |
Mussapur |
28 June 1976 |
||
|
xi Bharat Overseas Bank Limited |
|||||
|
1 |
Nawashahr |
2 September 1998 |
|||
|
xii Bank of Punjab Limited |
|||||
|
1 |
Nawashahr |
7 October 1996 |
||
|
2 |
Banga |
13 March 2002 |
||
|
xiii Indian Bank |
|||||
|
1 |
Nawashahr |
20 November 1976 |
||
|
2 |
Banga |
28 June 1996 |
||
|
xiv UCO Bank |
|||||
|
1 |
Nawashahr |
9 December 1982 |
||
|
2 |
Katarian |
12 December 1979 |
||
|
xv Bank of India |
|||||
|
1 |
Nawashahr |
17 September 1993 |
|||
|
xvi Indian Over Seas Bank |
|||||
|
1 |
Nawashahr |
26 September 1998 |
|||
|
xvii ICICI Ltd. |
|||||
|
1 |
Nawashahr |
29 March 2000 |
|||
|
xviii Syndicate Bank |
|||||
|
1 |
Banga |
29 July 1977 |
|||
|
xix Primary Agricultural Development Bank |
|||||
|
1 |
Nawashahr |
22 September 1966 |
||
|
2 |
Balachaur |
24 October 1972 |
||
|
3 |
Banga |
9 April 1992 |
||
|
xx Shivalik Kshetriya
Gramin Bank |
|||||
|
1 |
Bhaddi |
25 May 1997 |
||
|
2 |
Balachaur |
1 June 1987 |
||
|
xxi The Citizens Urban Co-op Bank Ltd |
|||||
|
1 |
Nawashahr Doaba |
1 December 1994 |
||
|
2 |
Banga |
22 November 1996 |
||
|
xxii Nawashahr Central Co-operative Bank Ltd |
|||||
|
1 |
H.O. Nawashahr |
23 January 1934 |
||
|
2 |
Nawashahr (Evening branch) |
5 August 1988 |
||
|
3 |
Nawashahr (Sugar mills) |
18 June 1980 |
||
|
4
|
Rahon |
28 April 1971 |
||
|
5 |
Jadla |
4 May 1973 |
||
|
6 |
Langroya |
3 October 1978 |
||
|
7 |
Usmanpur |
12 December 1988 |
||
|
8
|
Ghataron |
30 September 1978 |
||
|
9 |
Allachaur |
24 August 1990 |
||
|
10
|
Bazidpur |
10 March 1992 |
||
|
11 |
Bahlor Kalan |
8 May 1992 |
||
|
12 |
Dopalpur |
20 March 1992 |
||
|
13 |
Palli Jhikki |
20 January 1997 |
||
|
14 |
Aur |
6 December 1968 |
||
|
15 |
Mukandpur |
5 April 1971 |
||
|
16 |
Urapar |
3 November 1971 |
||
|
17 |
Raipur Dabba |
3 September 1978 |
||
|
18 |
Hakimpur |
9 November 1977 |
||
|
19 |
Phambra |
3 October 1978 |
||
|
20 |
Garcha |
8 November 1989 |
||
|
21 |
Khan Khana |
9 February 1991 |
||
|
22 |
Laroya |
17 January 1992 |
||
|
23 |
Sarhal Kazian |
15 May 1992 |
||
|
24 |
Banga |
14 January 1956 |
||
|
25 |
Bahram |
5 December 1969 |
||
|
26 |
Mahal Gehla |
30 September 1978 |
||
|
27 |
Sandhwan |
22 November 1977 |
||
|
28 |
Kahima |
30 September 1978 |
||
|
29 |
Karnana |
8 October 1989 |
||
|
30 |
Katarian |
30 September 1978 |
||
|
32 |
Ghuman |
15 May 1992 |
||
|
33 |
Sujjon |
10 September 1992 |
||
|
34 |
Banga (Evening branch) |
1 July 1995 |
||
|
35 |
Kultham |
1 January 1997 |
||
|
36 |
Ladhana Jhikka |
27 August 1994 |
||
|
37 |
Pathlawa |
17 July 1998 |
||
|
38 |
Gobindpur |
30 December 1996 |
||
|
39 |
Saroya |
23 January 1968 |
||
|
40 |
Pojewal |
13 February 1978 |
||
|
41 |
Rarand |
10 November 1972 |
||
|
42 |
Mazari |
10 August 1978 |
||
|
43 |
Sahiba |
1 February 2001 |
||
|
44 |
Balachaur |
10 April 1935 |
||
|
45 |
Kathgarh |
23 July 1978 |
||
|
46 |
Taunsa |
28 February 1998 |
||
|
(Source: Lead Bank Manager, Punjab National Bank, Nawashahr) |
|||||
