NEWARK, N.J.: Sikh expatriates in the United States made an important stride in serving the financial needs of the community as they came together here to ‘formally present an application to form their Credit Union to Philip Pallen the Vice President of National Credit Union Administration of New Jersey on November 12)
A credit union functions almost as a bank and all deposits in it are insured for $100,000 as in the banks, they give various kinds of loans such as personal loans, auto loans, mortgages, etc., issue credit cards etc. Such an institution would give the community financial services at attractive terms.
The proposed institution, named The Sikh Federal Credit Union, will be in New Jersey and it would be the first such Sikh institution in the country. The endeavor has been supported by Sikhs all over the U.S. The very diversity of delegates attending the meeting highlighted the wide spread interest in this historic project.
Dr. R’S. Bhalla was elected the Chairman, Dr. HS. Nayar the Vice Chairman, T.S. Sethi the Secretary and Ram Rashpal Singh the Treasurer. He has done all the spade work of the project and a number of those attending the meeting appreciated his dedication and the hard work he had done. A credit committee comprising Gurcharan Singh Sethi, Uday Singh Kharbanda, and V.S. Sood was formed; Ms. Kulwinder Kaur Gill was named chairman of the supervisory committee which will run the credit union.
Prominent among the invitees were Jagjit Singh Mangat the President of Sikh Cultural Society Richmond Hill, NY Satwant Singh Sadhar the president of the Garden State Sikh Association Bridgewater NJ, Capt Harbhajan Singh from California, Bhai Avtar Singh, Arjit Singh Mahal, T.J.S. Pasricha, V.S. Khera and Ms. Raj Harbans Kaur.
Article extracted from this publication >> November 25, 1988
