Kangra Central Cooperative Bank Celebrates 106th Anniversary with Major EV Loan Initiative
In a significant move to promote green mobility, the Kangra Central Cooperative Bank (KCCB) marked its 106th foundation day by announcing a new scheme offering cheaper loans for electric vehicles. The initiative, unveiled by Managing Director Jaffar Iqbal during a press conference in Dharamsala, underscores the bank's commitment to customer-centric services and sustainable development in Himachal Pradesh.
New EV Loan Scheme Details
Under the newly launched 'Kangra Bank E-Vahan Rin Yojana', interest rates on loans for electric four-wheelers have been slashed from approximately 8% to 7.5%, effective from March 17. Iqbal emphasized that this rate is among the most competitive in the market and will remain applicable throughout the financial year. The scheme aligns with the state government's focus on environmental sustainability and the growing adoption of electric vehicles across Himachal Pradesh.
In addition to the EV loan reduction, the bank has introduced a festive season offer, lowering interest rates on personal four-wheeler loans to 7.6%. Iqbal urged residents, particularly in the five districts served by KCCB, to take advantage of these initiatives, highlighting their role in making vehicle ownership more accessible.
Bank's Growth and Financial Performance
Addressing the press, Iqbal extended gratitude to the bank's nearly 1.8 million customers, employees, and former management for their contributions over more than a century. He reported steady financial growth, with total deposits increasing from Rs 14,888.67 crore as of March 31, 2025, to Rs 15,663.31 crore by March 15, 2026, reflecting strong customer confidence.
While the loan portfolio saw a slight decline from Rs 4,424.02 crore to Rs 4,299.70 crore during the same period, Iqbal attributed this to a strategic shift towards quality lending and reducing non-performing assets (NPAs). Notably, net NPAs dropped significantly from Rs 212.13 crore (5.62%) in March 2025 to Rs 112.09 crore (3.10%) as of February 2026, showcasing improved recovery mechanisms and prudent credit risk management.
Future Plans and Expansion
Iqbal outlined the bank's ambition to expand its loan portfolio, especially in the vehicle segment, positioning KCCB as a leading lender in Himachal Pradesh. He revealed plans to introduce incentive-based policies for agents and partners in the upcoming financial year, starting April 1, to further boost business growth. These initiatives aim to enhance the bank's market presence and support the state's economic development.
The foundation day celebration not only highlighted KCCB's historical legacy but also its forward-looking approach in adapting to modern financial trends and environmental priorities.
