In a bid to help members of Truck Operators Transport Cooperative Societies, Jogindra Central Cooperative Bank has recently launched a new scheme with an objective to provide loans to them on no collateral basis and at a cheap rate of interest.
“In the first phase the bank has signed an MoU with four Truck Operators Transport Cooperative Societies located at Darlaghat in Solan district of Himachal Pradesh. But we are in the process of signing MoUs with transport societies of Nalagarh and Baddi,” said the bank Chairman Yogesh Kumar to this correspondent on the phone.
He further added that ”we will provide loans of Rs 1.5 lakh to Rs 2.5 lakh at 11 percent rate of interest to the transporters. You will be surprised to note that in the suburbs of Darlaghat, there are scores of Truck Operators Transport Cooperative Societies and on an average 3k members are connected. They are having over 4.5k small and big trucks”, Kumar asserted.
For availing benefits under the scheme members of the societies should have their account with our bank, he informed.
Besides, the bank is on the growth path and continuously launching various schemes to enhance the business opportunities. Interestingly, despite the Covid-19 challenges, the bank has performed well on financial parameters like deposits, loans and advances, net profits and others in the 2020-21 FY.
One of the board members of the bank said to this correspondent that under the able leadership of Chairman Yogesh Verma, the bank is in development mode. Not only the pending issues have been fixed but also the bank is planning to shift head office to a new location at its own premises. In the span of one year, he has introduced many new things in the bank”.
“Earlier the Cheque Clearing System was very weak and it took seven days for clearing but in the span of three days now the cheque is being cleared”, the director said in praise of the Chairman”.
The business mix of the bank increased from Rs 1400 crore to Rs 1700 crore as on 31st March 2021. The net NPA of the bank declined from 3.54 percent to 0.5 percent during the financial year. The bank presently has 30 branches and one extension counter in Solan district. In the current FY, the bank will open three more branches and four extension counters.
Readers would recall that last month the bank contributed Rs 11 lakh towards the Chief Minister Relief Fund in order to help the government fight against the second wave of Covid-19. The bank’s Chairman Yogesh Kumar has also personally contributed Rs 51k towards the CM relief fund.