About Us
OUR HISTORY
OVERVIEW OF THE EASTERN RAILWAY EMPLOYEES’ CO-OPERATIVE BANK LTD.
- The E.R.E.C. Bank was initially formed as East Indian Railway Employees’ Co-operative Credit Society in the year 1912 on 23rd. Day of November. At the outset It was promoted by four (4) Anglo -Indian Rly. Employees. The Registered Office of the then Society was at Fairlie Place, Kolkata. The Registered Address is still unchanged . The First Branch of the E.R.E.C. Bank was also F.P Branch. The 2nd. Branch was opened at Jamalpur Workshop in the year 1972 then 3rd. Branch was opened at Asansol in the year 1974. Then at Liluah and then Howrah. Subsequently at DNR and at MGS (DDU) were opened.
- ERECB has conferred the banking license in 1986 28th November the Bank had started to cater the banking service to the Railway Employees of the different parts of the Country, the Bank came under the jurisdiction of Multi-State Co-operative Societies Act-2002.
The Status of the Bank is now a Non-Scheduled Salary Earners’ Multi-State Tier II -Urban Co-operative Bank .
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In 2019 the Bank successfully stepped in to the CBS Platform. All the eight branches started operation under CBS system phase-wise. In 2019 we started to issue personalized Cheque Books to all eligible Customers . Our Customers are the Rly. Employees (Existing and / or Retired) along with their dependent family members. Our business particularly the issue of Loan is restricted to the Members of the Bank who are the Rly. Employees in Service. Membership will be ceased automatically on the date of Retirement of Members ( Rly. Employees). However, Deposits can also be accepted from the Retired Rly. Employees.
- The E.R.E.C. Bank was form by the Railway Employees to cater the financial need and protect them from money lender.