Chennai based Repatriates Cooperative Finance and Development Bank popularly known as Repco Bank, a multistate cooperative finance and development bank functioning under the aegis of Home Ministry handed over a cheque of Rs. 15.26 crore to union home minister Amit Shah, said its MD R S Isabella.
P Senthilkumar, Chairman, and R S Isabella, Managing Director, Repco Bank presented the dividend cheque for 2018-19 to the home minister. The UCB achievement is laudable also because it could do so despite a Centre’s Ordinance aimed at choking its deposit-mobilization.
Of late the Bank fell into trouble when a centre’s Ordinance rendered the organisation ineligible to mobilize deposits from non-voting members considering the bank is registered under the Multi-State Cooperative Societies Act, 2002.
Sources say the bank takes deposits only from voting members but it is flourishing only on the support of 10 lakh non-voting members.
Repco Bank is aiming to achieve a business target of Rs 17,000 crore and open around 8 branches till the end of the next financial year i.e. 2019-20, said its Managing Director Smt. R.S. Isabella to Indian Cooperative correspondent on the phone.
“As we have crossed the business turnover of Rs 15,000 crore before the end of the current financial year and it is 11 percent higher in comparison to the last FY. The total deposit is Rs 8,660 crore and loan and advances are Rs 6350 crore. We set target to achieve a business turnover upto Rs 17,000 crore till the end of the next FY. It will be easily achievable, claims Isabella.
She further said from past 15 years we are distributing 20 percent dividend to our over 71,000 shareholders and this year also we will distribute 20 percent dividend. We are hoping that we will earn a net profit of Rs 105 crore in this FY i.e. 2018-19”, She asserted.
Presently the bank is having 108 branches in southern states and will open around 10 branches to spread our network and engage more n more customers in the next financial year. The Bank is having a strong financial net worth Rs 800 crore and over 10 lakh customers, she informed.
Highlighting the role of the bank in empowering women’s, Repco Bank MD said, “Repco Bank has made over 60,000 self-help groups and disbursed more than Rs 2,000 crore to these SHGs so far. More than 4 lakh are the beneficiaries. The Bank is giving special benefits to women on deposits”, she noted.
Besides this, the Bank is also active contributing its bit to the CSR activities. The Bank made a trust known as Repatriates Welfare Trust in 2007 with an aim to help Repatriates. So far 35,000 people have got the benefits, said Isabella.
The NPA of Repco bank has less than 3 percent net NPA and 6 percent gross NPA.
The Bank was established in 1969 with the prime objective of rehabilitating repatriates from Sri Lanka, Burma and Vietnam, the bank has a unique reputation of catering to the repatriate community.
