GST a game changer: Chairman, Prime Co-op Bank

The implementation of the new tax scheme Good and Service Tax (GST) can become a game changer especially for Surat based cooperative banks to get business, said Anand Bakshi Chairman of Gujarat based Prime Cooperative Bank in an interview given to Indian Cooperative.

The small textile traders who earlier had not opened their accounts in the banks but as required by GST they are forced to open their accounts, Bakshi explained.

“Our bank was the least affected due to demonetization and our business had grown marginally. We tackled the situation well without any irregularities and served our customers to the best of our ability,” said Chairman of Prime Cooperative Bank.

Gujarat based UCB is eyeing to achieve a Scheduled Bank Status and is planning to cover more than 10 lakh lives who are living below poverty line under the micro finance scheme by 2020, said the bank chief Anand Bakshi.

“As we meet all the criteria, we hope to get a Scheduled Status by 2020. Presently, we have covered about 33 thousands lives under the scheme. We have a business mix of about 1700 crore with deposits to the tune of Rs 1,100 crore, said Chairman during an interaction with this reporter in Gujarat.

Remembering a remarkable initiative Bakshi said “we merged six Cooperative Banks of Gujarat including Baroda District Industrial Cooperative Bank, Adarjan Nagarik Cooperative Bank, United Mercantile Cooperative Bank and other banks grappling with financial challenges.

“We are having a network of 36 branches in which 8 branches are in tribal areas and about 16 branches came through merger of 6 banks with Prime Cooperative Bank”, he added.

Recalling the history of the bank the Chairman said “My father Gokul Bakshi who had worked with Bank of Baroda for more than 2 decades laid foundation stone of Prime Cooperative bank in 1994 in a rented location with the aim to cater to the needs of the downtrodden people of society. Presently, the bank is having 18,000 shareholders and a business mix of Rs 1700 crore. The bank earned a net profit of Rs 9.2 crore in the last financial year.

When asked about his bank ever punished by Reserve Bank of India, he said the apex bank has imposed penalty twice on us.

In adoption of technology the bank has never lagged behind. We tie-up with ICICI bank to distribute Rupay Debit Cards and more than 24,000 of them have been distributed so far.

The bank celebrated its 23 anniversary on 14th November 2017 and organized free eye check up camps for more than 70 senior citizens.