Organizations Working for Economic Prosperity

No community can progress unless the economic standard of the community comes up to that level where all the people have sufficient funds to lead a good life. If many people in the community find it difficult to make their both ends meet, the community cannot progress socially, politically and even in religious matters. The Sikhs being a dominant segment of the people of Punjab are very hard working, honest, dedicated & loyal to their duties in whatever field they are working. That is why, the Punjab state was the first state in India to bring a green revolution in the field of agriculture, to produce, maximum numbers of doctors & engineers as compared to their population and to start commercial enterprises which can compete with the best enterprises in the world. When, they found the lack of opportunities to make progress in their own country, India, due to corrupt system, miserable law and order situation and shortage of resources including infrastructure, they left for other states and countries in search of green pastures. If we look at the Punjabis is Indian states far off from Punjab like Andhra Pradesh, Tamilnadu or West Bengal, Assam etc. we will find that they have made a respectable place for themselves in respective fields, whether it is agriculture, or business, or profession. As agriculturists they turned the barren lands into fertile in such places as Udham Singh Nagar in Uttaranchal and Kutch areas in Gujarat. We will find Punabi Colonies almost in all big cities of the country. We have Punjabi Associations everywhere working for the social, cultural and economic progress of their people. If we have Sher-E-Punjab Colony in Andheri East in Mumbai, we have Guru Nanak Colony in Vijaywada in Andhra Pradesh. Similarly, in foreign countries we find concentration of Punjabis in south hall in UK, Brampton and Surrey in Canada and Woolgoolga in Australia. The senior citizens Punjabis being free of any work have also made their associations and are often seen enjoying get togethers and picnics. We will discuss here some of the organizations which are helping the Punjabis, Sikhs in particular to rise high in business, profession and even in politics.

The Sikhs in Banking

Although, three famous banks of the present times were started by Sikhs, namely Punjab National Bank, Punjab and Sind Bank and State Bank of Patiala, it was the Punjab and Sind Bank which played a vital role in empowering the Sikh economy. State Bank of Patiala was started by some Punjabis under the patronage of Maharaja Bhupinder Singh of Patiala. Among the founders of Punjab National Bank as well as State Bank of Patiala, there were people from different communities including the Sikh business tycoon, S. Dayal Singh Majithia, and as such the focus of the Bank was not on a particular community (the Sikhs), but on all Punjabis. Whereas Punjab and Sind Bank was concerned, it was started by those persons, who had a mission to strengthen the Sikh economy by providing them banking facilities as well as employment opportunities. It was a established on 24th June 1908 by Bhai Veer Singh, Sir Sunder Singh Magitha and S. Tarlochan Singh. When S. Inderjeet Singh became its Chairman, he made this bank so strong with its branches spread over the entire country as well as abroad that the govt. took notice of it when the banks were nationalized by Mrs. Gandhi. By the time, this bank became a nationalized bank, S. Inderjit Singh had already done a great service for the bank as well as for the community. He gave employment to so many Sikhs and accelerated their promotions that many of them reached the top in their career. He gave them such a training that with their experience and training, they could hold the highest positions in different banks. It is a known fact that all these persons from Punjab and Sind Bank went as Eds’ and Chairmen in different banks whether it was Allahabad Bank, Punjab National Bank, Central Bank, Oriental Bank of Commerce or Vijaya Bank.

Other Sikh Bankers

S. Inderjeet Singh and his family established another bank known as Bank of Punjab, but later on it was merged with Centurion Bank. In addition to S. Inderjit Singh, S. Surinder Singh Kohli, S. Harbhajan Singh, S. Dalbir Singh and S. Jaspal Singh Bindra, one time head of Standard Chartered Bank in India (known as Super Banker) have also been prominent Sikh figures in this field. Similarly, S. Prithpal Singh Chawla in U.K. and Dr. Amarjit Singh Marwah of USA also played a significant role in the banking field. When the Governments started encouraging co-operative schemes, the Sikhs also formed co-operative societies in different parts of the country. Some of these cooperative societies were converted later on into banks and a number of cooperative Banks came into being. Before going to the details of the cooperatives Banks, we need to mention one of the cooperative societies started and run by the Punjabis mainly Sikh Bank executives, many of them being from Punjab and Sind Bank, who got training under the able leadership of Dr. Inderjit Singh. This society is called the Delhi Punjabi Urban Co-operative Thrift and Credit Society Ltd.

Delhi Punjabi Urban Co-operative Thrift and Credit Society Ltd.

A group of veteran retired bank executive having vast banking knowledge and experience thought of forming a society to help the economically weaker sections of the Punjabi Society and uplift their social and economic status by extending hassle free and a fordable credit facilities to them for their small scale entrepreneurial business and personal needs. Their vision brought into a fact the Delhi Punjabi Urban Cooperation Thrift and Credit Society on 1st April 2002. The society is duly registered with the Registrar of Society under the Delhi Cooperative Societies Act 1972 vide no. 82T/C West Zone. S. Narinder Singh Sethi was the Chief promoter of the Society. Since then, the Society has done and appreciable job in achieving of its objects. It has made steady growth all through since its inception in the year 2002. As on 31.03.2016 the membership was 689 (however present membership is 717). We place on record that the Turnover of the Society is Rs. 1.5 crore and the advances made to the members since inception till date is to the tune of 7/8 crores. However, as on 31.03.2016 Deposits Rs. 65,12,295.00, Investments in the form of FDR’s Rs. 21,00,888.00, Loan Rs. 65,59,659.00 and share capital Rs. 21,08,000.00, Profit Rs. 1,20,883.00. Presently S. S.S. Madan of the President of the Society (Mob. 9312284972) and S. Raj Singh is the General Secretary (Mob. 9350034600)

Successful Cooperative Banks – PMC Bank and Ramgarhia Bank

Although, a number of cooperative was started by the Sikhs and some of them later on became cooperative Banks, the two most notable Banks in this regard are Punjab and Maharashtra Co-op Bank Ltd. and Ramgarhia Bank in Delhi. The first Bank was started as a cooperative society by some Sikh taxi drivers in north central Mumbai. It was this cooperative society, which later on became a cooperative bank which started its operations on 13 February 1984 in small room. It was in 1989 when the bank became big enough that its operations were shifted to the new spacious premises at Sion (E), where the main branch of the bank is located at present. The next five years were devoted to lay strong foundation for the future growth and expansion. Modern management practises in the field of HRD, Industrial relations, Technology and Customer services were introduced in a professional manner. Computerisation was introduced to achieve a high degree of efficiency. Staff training programmes were conducted for a proper and motivated workforce. New banking products in tune with the best available elsewhere were offered to our valued customers. As a result of all these efforts, the bank was in a position to plan a well thought long term expansion programme. Beginning with the first branch at Vikhroli in February 1994, it is now operating with 137 branches in seven states namely, Maharashtra, Karnataka, Gujarat, Goa, Andhra Pradesh, Madhya Pradesh and New Delhi
with ATMs at all the branches which remain open on all the seven days. The banks provides many such services, which are not available at most of the banks. This youngest cooperative bank acquiring schedule status within a short period of 17 years provides not only twelve hour uninterrupted service at maximum branches, but also holiday banking service (except national holidays and labour day). It has won many awards and honours. For example, it was declared as winner under Scheduled Cooperative category in recognition of excellent performance in Immediate Payment Service (IMPS) by NPCI has also won the award for Bank with Best Customer Orientation in Co-operative Bank category by the LOKMAT Banking Financial Services and Insurance Awards. Awarded the second prize as the Best Bank in the category of Co-operative Banks having Deposits of over 1500 crore by Brihan Mumbai Nagari Sahakari Banks Association. All the achievements of the banks are mainly due to the dedicated selfless Board of Directors lead by its Chairperson S. Waryam Singh and the loyal, committed and devoted staff.

Ramgarhia Bank

Ramgarhia Bank was started as a Cooperative Society with the name Ramgarhia Central Cooperative Thrift and Credit Society on 14th May 1941 at Pahar Ganj, Delhi under the leadership of late S. Sundar Singh. It was registered in Delhi vide registration no. 196. Although, its object was to help the Ramgarhia Biradari, but, it was ment to benefit all the Sikhs. In 1974, it was decided by a resolution that the society be converted into a bank as the bank could serve the community better and also contribute towards the development of the country. They started opening all kinds of accounts and granting all kind of loans. With all the new schemes including the computerization started in 1996, the bank has been progressing by leaps and bounds. The Reserve Bank of India granted banking licence on 10-10-2000. In 2010-11, the bank opened three branches Vishnu Garden, Tri Nagar and Kishan Nagar. All these branched are showing good profits.

The management of the bank is considering opening of more branches in potential areas. S. Inderjeet Singh was the Chairman of the Bank till election in March this year (2018). During this election, S. Ajeet Singh Sehra and Ranjit Kaur were elected as Chairman and Vice Chairman of this Bank. The Chairman of the Bank S. Ajeet Singh Sehra has informed that all the customers are highly satisfied with the functioning of the bank. The senior citizens feel satisfied as well as proud to have a Sikh Bank of this kind.

Khalsa Credit Union, Canada

As surrey in Canada is a place where maximum number of Sikhs have migrated during the last 4-5 decades, some efforts to form co-operatives have also been made there. Mentioned may be made of Khalsa Credit Union. Khalsa Credit Union was started on 19th February 1986 for serving the financial needs of the Sikh community. It opened its first branch in Vancouver, British Colombia on 1st April 1986 followed by the second branch in Surrey (British Colombia) on October 11, 1987. After that, it became so popular among the people that it went on increasing its branches as well as diversified its activities. It may be mentioned here that a number of credit unions had been incorporated in British Colombia in second half on the 20th century. When the economic recession of the early 80s became stressful for the banking industry and resulted in two banks going out of business and two other merging with others, with the Canadian dollar touching all time low in the international money market, it was the fare sight, courage and conviction of the founders of Khalsa Credit Union that, despite considerably adverse circumstances, they started this organization dedicated to the financial needs of the people of Sikh community. In the present times, when the business magnates have created chambers of commerce, the Sikhs also have realised such a need of we will mentioned here a few chambers of commerce to show as how the Sikh entrepreneurs can unite to watch their business interests. Before we talk of safe guarging business interest, we also need to mention that Cooperative efforts can yield fruits not only in business circle, but also in agricultural sector. Agriculture is still the main profession of our people. However, the lot of farmers is quite miserable because of various reasons. If cooperative system is introduced in farming sector, it can make their life batter as cooperative efforts to grow and then to sell their products in the market will make their life easier and also save lot of money for them. Some organizations are making efforts in this regard also in various parts of the country. A Sikh organization known as Dilbir Foundation of Amritsar needs a mention here, which has not only encouraged the famers to expand their nature farming areas by organic farming, but has also setup an organic sundays farmer market (For Details, refer Chapter No 7).

Sikh American Chamber of Commerce (SACC)

There were the days when Sikhs were considered merely agriculturalists, soldiers or drivers. However, as the time passed, the Sikhs started showing excellence in all the fields of life. The number of Sikh entrepreneurs became so large that whereas earlier, they were a part of prominent chambers of commerce at various places, now they started forming their own chambers of commerce. The first Sikh Chamber of Commerce was created by S. Sukhwinder Singh Kalia, a prominent entrepreneur in IT business in New Jercy, USA. He setup SACC in 2011 on lines of the Jewish or Israeli chambers of commerce. According to him, after the 9/11 twin tower attacks, the creation of SACC had become a necessity as the Punjabi community, especially the Sikhs became targets of hate crime. He also quoted an example of the Chinese community, who contributed one U.S. dollar each to help a new immigrant from the community to set up business in the U.S. The main Purpose of the organization was to connect the community people with the right business person, the right institution and the right businesses for further growth. The organisation started achieving this object by organising job fairs and mentor connect programmes, leadership summit and annual gala programmes. The first gala was held in 2012 and six galas have been held so far. The purpose of the Gala is to highlight the successful Sikh entrepreneurs were and enable them to interact with other prominent business personalities with a view to promote mutual prosperity. For example, in the last Gala held at the Liberty Science Centre in New Jercy on 7th October, 2017, more than 500 entrepreneurs in attendance. The speakers focused on emerging business opportunities in both the United States and India. The guest speakers at the 6th annual gala included Kanwal Rekhi, managing director of Inventus Capital Partners and first Indian-American founder and CEO to take his company public on NASDAQ; Reshma Saujani, founder of the non-profit Girls Who Code; and Vijay Chattha, founder and CEO of VSC and Wariness Studio. This year’s theme was “Dream Bigger” and, according to organizers, the three guest speakers “embody this mantra.” “I’m honoured to contribute to this event and share my journey in hopes that it may inspire others to become change agents,” Saujani is quoted saying at the event, according to a press release from SACC. Rekhi discussed raising millions of dollars for start-ups in the U.S. and India and his work on regulatory reform in India. “It is organizations such as the SACC and TIE, which I co-founded, that will help drive the entrepreneurial spirit in US and India that is needed in order to foster the right economic climate for Indian prosperity,” Rekhi is quoted saying. Chattha said galas like that organized by SACC were a great opportunity for the community to “find inspiration and think and dream bigger.” This chamber of commerce has also opened its centres at difference places in the world. A Centre was opened in India at Chandigarh in January 2014 for facilitating business investing, mentoring, frosting entrepreneur and creating jobs in Punjab in India. AT the time of the opening of the centre the President of SACC Mr. Manipal Dhariwal had hoped that the centre would provide necessary connect between US and Punjab and it will also assist students coming for higher studies.

Asian Sikh Chamber of Commerce

On the auspicious occasion of Avtar Purab of Sri Guru Nanak Dev Ji in 2015, one of the Sikh entrepreneurs S. Samir Singh hosted a gathering of Sikh entrepreneur with a view to launch the Sikh chambers of commerce in New Delhi, the capital of India. This large function at India habitat centre was attended by a large number of entrepreneurs who deliberated on the formation of the new chamber of commerce. It was decided that the same should be founded on the principle of honesty, equality, trust, sewa and respect for all. In his inaugural speech, Prof. Charan Singh, IIM Bangalore mentioned that the aim of the Chamber should be to participate in the India Growth Story and support the Make in India campaign so that India is on a high growth path of 10 percent per annum or more. He further added that the objective should be to network with other trade and industry associations so that growth environment in the country is conducive to absorb nearly 12 crore people joining the workforce in the next decade. Other speakers included Brig. (Retd.) Rawel Singh, learned Sikh scholar; Gurpreet Singh, a leading architect; Gurdeep Sapal, CEO of Rajya Sabha TV; amongst any other illustrious and accomplished speakers. It was also decided that the headquarter of the company be somewhere in Connaught Place, but it should have branch offices in all leading cities of the world. This Chamber of Commerce was ultimately registered on 9.8.2017 as a Private Ltd. Company with Registration No. 321910. Having registered office at C-14 Ground Floor, Chirag Enclave, Greater Kailash-I, New Delhi. S. Samir Singh Bajaj along with S. Gulraj Singh Shahpuri became its directors.

Asian Sikh Economic and Entrepreneurship Summit 2017 –

The Sikh entrepreneurs again met in the first ‘Asian Sikh Economic and Entrepreneurship Summit 2017’ (ASEES 2017) which was organised in Kuala Lumpur, Malaysia on July 8-9 2017. The principle agenda for this summit was the economic upliftment and integration for Asian Sikhs. Aim was to launch an Asian Sikh Chamber of Commerce that envision to bring together visionaries, thought leaders, businessmen, industry leaders, Government leaders, policy makers, academicians and cooperate heads.

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