ADVERTISEMENT

State Bank of Sikkim: The Tiny Mountain Bank That Continues To Beat RBI’s Powers

The State Bank of Sikkim calls itself a “bank”, without being recognised as such under any central government acts or authority.

State Bank of Sikkim Head Office at Gangtok, Sikkim. Source: State Bank of Sikkim
State Bank of Sikkim Head Office at Gangtok, Sikkim. Source: State Bank of Sikkim
A tiny ant crawled up an elephant’s trunk and no matter how much the elephant tried, it couldn’t sneeze the ant out. Replace the elephant with the Reserve Bank of India and the ant with the State Bank of Sikkim. It's the same story.For 53 years, this tiny mountain bank has functioned outside RBI's purview. The lender calls itself a “bank” and functions like one, even though it does not hold a banking licence. Many attempts over the y...
To continue reading this story
Subscribe to unlock & enjoy all Members-only benefits

Choose a plan

Renews automatically. Cancel anytime.
Still Not convinced ? Know More