Continually on the growth path Alibaug based Adarsha Nagari Sahakari Patsanstha in Raigad (Maharashtra) is planning to achieve a business mix of over Rs 350 crore till 2020. “It is not too big a target”, said Suresh Patil Chairman of the society with a touch of confidence.
“As we have crossed the business mix of around Rs 250 crore in the 2018-19 fiscal we are eyeing to achieve a business mix of over Rs 350 crore till 2020. It is achievable”, said Patil.
In a telephonic interview Patil said, “Now we are aiming to achieve a deposits base of Rs 200 crore and loans and advances of Rs 150 crore till 2020. To expand our area of operation we will open three more branches across Raigad district in the current FY”, he said.
The UCB’s deposits rose from Rs 109 crore to Rs 142 crore and loans and advances rose from Rs 79 crore to Rs 104 crore in FY 2018-19. It also had a rise in its net profit from Rs 2.20 crore to Rs 2.30 crore.
Presently, the society is having 9 branches across Raigad district. The Bank’s gross NPA in comparison to FY 2017-18 has decreased a little bit. Now the gross NPA is 1.32 percent.
The bank is also focusing on adopting new technology to compete with other players in the market.
“Right now the installation of Core Banking Solution is underway and it is hoped that it will be completed in a few months. On the other hand, we are also focusing on Mobile App besides other facilities”, Patil noted.
In January the society has shifted its office in new spacious building spread over an area measuring about 10,000 sq feet. The total expense on building construction was about Rs 7 crore and it is a 3 storey building, informed Patil who is the founder Chairman.
Adarsha Nagari Sahakari Patsanstha was established in 1998 and in a short span of time the society has done well. About 8k shareholders are associated with the society.
