In a remarkable achievement, the Karimnagar District Cooperative Bank, headquartered in Telangana and spearheaded by prominent cooperator K Ravinder Rao, has shattered previous records by surpassing a business mix of over Rs 6000 crore and garnering a profit of Rs 100 crore during the fiscal year 2022-23.
Previously marred by losses exceeding Rs 50 crore in 2005-06, the bank has since experienced robust growth, evidenced by its ‘Zero’ net Non-Performing Assets (NPA) this fiscal year. The bank’s deposits surged from Rs 2282 crore to Rs 2528 crore, while loans and advances escalated from Rs 3342 crore to Rs 3971 crore in the fiscal year 2023-24.
Notably, the bank’s Capital to Risk (Weighted) Assets Ratio (CRAR), which was once negative, now stands at an impressive 10.76 percent. This transformation is attributed to the adept leadership of Rao, who also serves as the Chairman of Nafscob, guiding the bank towards unprecedented growth.
The unaudited figures were disclosed by the Chairman of Karimnagar DCCB. The bank staff commemorated this milestone at the DCCB main branch, where Chairman Konduru Ravinder Rao applauded the team’s efforts and CEO N Satyanarayana Rao for achieving record profits and maintaining a low NPA of 0.74 percent, the Telangana Today reports.
Karimnagar DCCB’s success story has not gone unnoticed, with the institution emerging as a beacon of cooperative banking excellence nationwide. From enduring losses of Rs 70 crore in 2005 to earning a gross profit of Rs 100.10 crore in 2023-24, the bank’s journey epitomizes resilience and innovation.
Furthermore, the bank’s model has garnered attention as the ‘Telangana model’, with other cooperative banks across the country seeking to replicate its success. Notably, the NITI Aayog has endorsed the Karimnagar model of digitalization, good governance, and diversified business practices for wider implementation.
Emphasizing the importance of strengthening Primary Agricultural Credit Societies (PACS), Rao advocates for extending banking services to doorsteps through technology integration. Plans are underway to incentivize staff for sustained profitability and enhance their professional appearance through a standardized dress code.
CEO N Satyanarayana Rao commended the staff’s exceptional performance and urged branch managers to set ambitious business targets for the upcoming fiscal year, reflecting the bank’s commitment to continued growth and excellence.