Gujarat State Cooperative Bank organized its 62nd Annual General Meeting recently and it was revealed that despite covid-19, the bank has earned a net profit to the tune of Rs 54.41 crore which is Rs 22.69 crore higher in comparison to last year i.e. 2019-20.
Besides, the bank has performed well on almost all the financial parameters but the advances of the bank declined in 2020-21 FY. The advances reduced from Rs 6706.25 crore in 2019-20 to Rs 6097.97 crore in 2020-21.
It is to be mentioned that some cabinet ministers in Gujarat Government and MPs, MLAs are on the board of the bank. On the occasion, Bank’s Chairman Ajay Patel, Vice-Chairman Shankarbhai Choudhary, Dileepbhai Sanghani, G H Amin, Narhari Amin, delegates, bank officials and others were present. It was conducted while observing the covid-19 protocols.
The deposits of the bank grew from Rs 7556.48 crore to Rs 8899.26 crore. The reserves of the bank increased from Rs 746.20 crore to Rs 872.73 crore whereas share capital rose from 39.31 crore to Rs 37.31 crore in the 2020-21 financial year.
This year the bank has proposed a 15 percent dividend to its members. As on 31st March 2021, the bank gross NPA and Net NPA was 1.45 percent and 0 percent respectively.
Sharing the news, Bank’s Vice-Chairman and Banas Dairy Chairman Shankar Chaudhary wrote on social media, ” Participated in the 62th Annual General Meeting organized by Gujarat State Co-operative Bank at Ahmedabad. The bank informed members of the organization’s progress over the last financial year with the tradition of providing excellent facilities to customers”.
The GSC Bank is the first state cooperative bank to launch the fully Automated Safety Deposit Boxes in its branches at Naranpura, Ahmedabad. Godrej Security Solutions has provided the facility.
Despite several phone calls, Indian Cooperative efforts failed to elicit the response of bank’s CEO Pradip Vora.
Readers would recall that a close associate of Union Home Minister Amit Shah, Ajay Patel is the one who has dragged Congress scion Rahul Gandhi to the court. The Bank was however recently in news for placing advertisements in Kerala newspapers.
The GSC Bank was established in 1960. Nearly 28 lakhs farmers of 8100 PACS are affiliated with it. The bank has more than 25 branches across Gujarat.
