SBS hosts conclave in celebration of 58 Years of banking excellence

KUNAL RAI

GANGTOK, : As part of its upcoming 58th anniversary celebrations, the State Bank of Sikkim (SBS) organized a curtain-raiser conclave titled ‘SBS@58’ in the capital on Thursday. The bank, which has been a pillar of trust, growth, and partnership in the state since 1968, will formally celebrate its 58th anniversary on September 9, 2025, with Chief Minister Prem Singh Tamang-Golay expected to attend as the chief guest.

Thursday’s conclave was graced by Martam-Rumtek MLA and chairman of the Public Accounts Committee, Sonam T. Venchungpa, as chief guest. Other dignitaries included SBS chairman DB Gurung, Retired Employees Welfare Board chairman KT Bhutia, former MP O.T. Lepcha, Chief Minister’s Press Secretary Yougan Tamang, Rural Development Department OSD Krishna Lepcha, and a host of other guests.

In his address, the chief guest reflected on SBS’s historic legacy as a financial institution established during the monarchy and its continued service to the people of Sikkim across all sectors of development. He emphasized that banking remains a powerful tool in shaping economies but must be used responsibly. Highlighting the critical role financial literacy plays in societal advancement, he stated that awareness of banking and finance is essential for the progress of not just the State, but the nation and world at large.

He also acknowledged the State Government’s ongoing initiatives to integrate citizens, particularly the youth, into the banking system through various schemes. These efforts aim to foster self-reliance, entrepreneurship, and broader economic participation. He noted that while banks and financial institutions are vital enablers of economic development, their impact ultimately depends on the vision and intent of policymakers.

SBS chairman DB Gurung expressed satisfaction at the successful hosting of the conclave, noting its importance in spreading awareness about the banking sector among aspiring entrepreneurs and business leaders. He highlighted that under the leadership of Chief Minister PS Golay, the State government has prioritized entrepreneurship through pilot projects like Skilled Youth Start-up Schemes, which are already providing financial support to thousands of local entrepreneurs.

Gurung noted that over 2,000 entrepreneurs have benefited from SBS loan schemes, with many now running successful ventures. He reiterated the bank’s commitment to supporting Sikkim’s holistic development and expressed his gratitude to the State government for its unwavering support. He also acknowledged the efforts of the bank's management, led by the managing director, and appreciated the dedication of all SBS staff in driving the institution’s growth.

Delivering his keynote address, SBS managing director PW Bhutia shared insights into the evolving role of banking. He emphasized that banking is not only about credit and capital, but also about building confidence and creating connections between individual aspirations and institutional resources. According to him, banks transform savings into investments, ideas into enterprises, and dreams into realities.

Bhutia highlighted the instrumental role financial institutions play in inclusive development — from supporting agriculture and small businesses to financing infrastructure and promoting digital payments. However, he pointed out that a gap persists between banks and enterprises, often stemming from structural, regulatory, and perception-based issues. He observed that while banks are bound by risk assessments and regulatory compliance, businesses — especially MSMEs and start-ups — often feel misunderstood or underserved by financial institutions. This disconnect, he noted, hampers broader economic development.

He underscored that economic development is the foundation for all other progress and must go hand-in-hand with the growth of financial institutions. SBS, he said, has grown significantly—from a business volume of under Rs 1,500 crore in 2012 to over Rs 10,000 crore today. This growth, he emphasized, would not have been possible without the strong support of the Chief Minister and the State Government.

The managing director reaffirmed SBS’s commitment to fostering economic empowerment through employment generation, financial inclusion, and entrepreneurship. He said the bank aspires to become an integral part of every Sikkimese household and a trusted partner in the state’s journey of progress.

Tracing SBS’s journey, Bhutia recalled that the bank was established in 1968 under a proclamation by the then Chogyal of Sikkim. Since then, it has functioned both as a quasi-treasury and a commercial bank, playing a vital role in the state’s socio-economic transformation. He credited the bank’s continued success to the dedication of its employees, the trust of customers, guidance from the government, and leadership across decades.

The conclave featured two themed sessions.

The first, “State Bank of Sikkim – 58 Years of Legacy: The Journey and the Road Ahead,” explored the bank’s historical role and strategic direction.

The second session, “Development Through Banking – Enabling Growth, Empowering Communities,” focused on the role of financial institutions in fostering inclusive development.

Notable speakers included MLA ST Venchungpa, financial consultant Navneet Pradhan, SBI chief manager Phurba Tenzing Sherpa, and Chartered Accountant Pravin Agarwal. The sessions were moderated by journalist Nimal Mangar and Dr. Tej Chingtham, CEO of AIC-SMUTBI.