Despite unfavorable market conditions, Maharashtra based Kallappanna Janata Sahakari Bank aka Kaijs bank has achieved a business mix of Rs 3462 crore during the FY 2018-19, revealed its Chairman Prakash Awade during the 57th Annual General Meeting held last week.
Presenting the annual report to the shareholders, Awade said the growth in deposits was 10 percent registering the total deposits of Rs 2081.03 crore whereas the growth in advances was 5.52% registering the total advances of Rs 1380.58 crore. Total business of the bank during this financial year has reached up to Rs 3462 crore.
Prakash Awade, further stated that the whole banking sector is facing financial crisis and recession in each and every sector in consequence of which the entire banking sector has been sluggish across all sections. However, the bank has registered excellent performance in overall business portfolio. Deposits and advances have increased to a reasonable extent, he claimed.
The bank has succeeded in maintaining the Gross NPA at 7.58% and the Net NPA at 4.35% thanks to consistent follow-ups and initiatives. Since its inception, the bank has always been carrying out all the guidelines issued by RBI. Sources close to the bank say the confidence reposed in the bank by members, depositors, creditors and customers has also played a role in ensuring the success of the bank.
Besides, the bank earned a net profit of Rs 10.62 crore in FY 2018-19.
The bank has announced 10% dividend for the shareholders and assured all the public to extend every cooperation to the bank in order to come out of this financial crisis and peculiar circumstances.
Considering this crucial situation in and around the area, the bank has given a helping hand to the general public by offering schemes like consideration to the restructuring the loan accounts, housing loans under PMAY scheme, educational loans, rebate to the
industrialists etc. The schemes will be offered as a part of corporate social responsibility towards the general public.
Recently, the whole Western Maharashtra region i.e. Kolhapur, Sangli, Satara, Pune Sindhudurga Districts etc. are engulfed by the massive flood by which have affected all the agri and agri allied sector, SME, Textile, Engineering, wholesale traders, small scale
industries as well as all other business. The properties of some of the public are totally destroyed and they are taking help from temples and any other available sources, Awade said with a tinge of sadness.
The bank has been successfully functioning with its 44 branches across Maharashtra & Karnataka.
With an aim to emancipate the womenfolk, the bank has done a wonderful progress through Self Help Groups whereby 15,000 women have been connected. In order to strengthen their lives and to inspire their business, the UCB has provided individual special credit facility for them.
