09/09/2025
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๐๐๐๐๐๐๐๐ Prem Singh Tamang-Golay
On the historic occasion of the 58th Foundation Day of the State Bank of Sikkim, I extend my heartfelt congratulations and best wishes to the entire SBS family on behalf of the Government of Sikkim.
Originally constructed in the 1980s, the Bankโs Head Office had become structurally weak over time. Although the need for renovation was long recognized, it had remained pending. After our government assumed office in 2019, we prioritized and completed this renovation, transforming the building with modern facilities that will enhance banking operations significantly.
In addition, the Bank has transitioned to a new CBS software replacing the older system.
I commend the Bankโs initiative to publish a quarterly in-house newsletter, which I believe will further strengthen communication and transparency within the organization.
Since our government assumed office in 2019, the State Bank of Sikkim (SBS) has undergone a remarkable transformation, both in scale and service delivery, emerging as a stronger, more people-centric financial institution.
Institutional Growth:
โข Established in 1968 with just one branch, SBS has grown significantly under our tenure.
โข As of 2025, the Bank operates 58 branches, 8 extension counters, and 3 dedicated 24x7 counters across the state.
โข The Bankโs total business has more than doubled from 2019 to 2025.
โข Net capital rose from 2019 ensuring greater financial stability.
โข Over 1,000 local employees have been engaged, supporting employment within Sikkim.
Branch Expansion Since 2019:
Gangtok District: Chongay, Tadong, Daragaon
Mangan District: Phodong, Lachen, Lachung
Pakyong District: Majitar
Namchi District: Sikkip, Kewzing, Nandugaon
Geyzing District: Bhanjyang, Legship, Utteray
Financial Support to Citizens:
โข loans sanctioned under the Skilled Youth Startup Scheme to youths, creating approx. 10,000 job opportunities.
โข education loans sanctioned to students to pursue higher education.
โข During the COVID-19 crisis- taxi drivers were supported with motor insurance loans.
โข rehabilitation loans provided to entrepreneurs facing severe losses.
Institutional Improvements:
โข Recovery mechanisms activated under the Sikkim Public Demands Recovery Act, 2006, along with amicable settlements for cooperative borrowers.
โข Insurance partnerships introduced for enhanced customer protection.
โข The Bank has been modernized from a modest setup into a professional, corporate-style institution.
โข Overall, under our government, SBS has evolved into an efficient, secure, and customer-friendly bank serving the people of Sikkim with renewed confidence and professionalism.
I sincerely hope that the State Bank of Sikkim will continue its journey of growth and excellence in the days to come. With its strong foundation, dedicated workforce, and commitment to the welfare of the people, I am confident that SBS will further strengthen its role as a trusted financial partner for the citizens of Sikkim. May it continue to expand its services, embrace innovation, and uphold the values of integrity and inclusiveness while serving the public with dedication and professionalism.
