HEIGHTSTOWN, N.J: The Sikh Federal Credit Union was chartered by the Chairman of the National Credit Union Administration on March 6 at a ceremony by Foster Bryan the executive director of the New York region.
The Sikh representatives at this occasion were Ram Rachpal Singh, the treasurer who has done most of the spade work for the formation of the credit union, Tarlok Singh Sethi, the Secretary, Surinder Singh Arora, and Ms. Balwinder Kaur Gill. The Sikh Federal Credit Union will open branches in Glenrock and Bridgewater N.J. which have the two big Gurdwarasin the State. The credit union is also slated to expand to New York in the near future, according to Ram Rachpal Singh.
The formation of the Sikh Federal Credit Union is an important stride for the Sikh expatriates in the United States to serve the financial needs of the community.
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 Sikh Federal Credit Union, in New Jersey is the first such Sikh institution in the country. The endeavor has been supported by Sikhs all over the U.S.
The Board of Directors, of the credit union comprises of Dr. R.S. Bhalla the President, Dr. H.S. Nayar the Vice President, Tarlok Singh Sethi the Secretary, Ram Rachpal Singh the Treasurer. T.J.S. Pasricha the Assistant Treasurer, Surinder Singh Arora, and Dr. Ajit Singh Sodhi.
A credit committee comprising of Gurcharan Singh Sethi, Uday Singh Kharbanda, and Birinder Singh Sood has been formed. Ms Balwinder Kaur Gill is chairman of the supervisory committee which will run the credit union. As reported in the World Sikh News earlier, the Sikhs of the tr state area had formally presented an application to form their Credit Union, on November 12, 1988.
Prominent among the invites present at that occasion 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, U.S. Khera and Ms. Raj Harbans Kaur. The very diversity of delegates attending that meeting underscored the wide spread interest in this historic project.
Article extracted from this publication >> March 17, 1989
