Deogiri Nagari Sah Bank performs well; awaits scheduled bank status

Aurangabad (Maharashtra) based Deogiri Nagari Sahakari Bank’s Chairman Kishor Shitole says the bank  is likely to receive scheduled bank status from the Reserve Bank of India in a couple of days.

“We are all set to get the scheduled bank status from the RBI, as all the formalities are almost over and the Mumbai central office of RBI has to put their seal. Recently, in this context our meeting with the Nagpur office regional head was very fruitful and I hope we will get this in a couple of days”, said the bank Chairman Kishor Shitole.

He further added, for Deogiri Nagari Sahakari Bank and its Chairman Kishor Shitole, achieving this status would mean increased credibility, growth opportunities, and enhanced customer trust. It would also enable the bank to expand its operations and offer more services to its customers, he said.

With the scheduled bank status, the bank can access the RBI’s support for refinancing facilities and participation in government and large corporate business,  the chairman noted.

Shitole added, our business mix has crossed more than Rs 2200 crore and earned a net profit  of Rs 49.89 crore as on 31st March 2024, he informed.

The bank has performed well on all the financial parameters in the said financial year. The deposits of the bank grew from Rs 1277 crore (2022-23) to Rs 1324 crore as on 31st March 2024.

Whereas, the total advances increased from Rs 855 crore to Rs 891 crore in the 2023-24 FY. The net NPA of the bank remains ‘Zero’ for the 2023-24 FY. The CD ratio of the bank stood at 67.34 percent.

Besides, “Our bank is on a growth path and is always committed to reaching new heights. We personally monitor all loan applications to ensure that no incorrect loans are disbursed. We believe in quality growth rather than rapid expansion”, said its Chairman.

Established on 23th January 1984, the bank operates through its thirty-one branches, a state of the art Training Center, a modern Data Center, and Head Office.

All the branches and offices are well equipped, fully computerized and interconnected.

Deogiri Nagari Sahakari Bank is the first bank in Marathwada to opt for a core banking pattern for its working. The bank is in the process of modernization and providing excellent as well as prompt services to its customers.