Delhi State Cooperative bank is soon going to open 5 more branches as its turn over is showing signs of unprecedented growth for last 5 years. Set up in 1921 the bank could get license from RBI only last year. Earlier, the cooperative used to appoint Managing Director of Bank but now in order to introduce more professionalism in the working of the Bank, NABARD appoints the MD.
Present Managing Director Mr. R S Dahiya is quite upbeat on the success of bank after he joined as MD on in 2005. He claims that when he joined the bank the turn over was Rs 80 crores but has risen to 160 crores in a short period of 5 years. While the net profit gravitated towards 10% in 2005 it has almost trebled to 32% in 2009.Not a mean achievement indeed!
Mr. Dahiya has the ambition of converting Delhi State Cooperative Bank into core banking and he is also working seriously on the project. He is readying software by in-house sources for this purpose .A net saving of Rs 4 crores was achieved by involving in-house staff, claims Mr. Dahiya.
For any Bank to be successful it is essential that its loan recovery rate is high. Delhi State Coop Bank has a loan recovery rate of 87%.Bank is preparing for its next AGM which is scheduled in August and in which Chief Minister of Delhi Sheila Dixit may participate.