Gujarat State Co-operative Agricultural and Rural Development Bank, which is popularly known as Kheti Bank earned a gross profit of Rs 101 crore in the 2022-23 FY, beating all its past records.
This is the first cooperative agriculture and rural development bank in India, which not only achieved success in achieving the ‘Zero’ net NPA but also earned a handsome profit.
IFFCO and NCUI Chairman Dileepbhai Sanghani congratulated the Bank Chairman Dolar Kotecha, management and its officials for this remarkable achievement through social media.
He tweeted, “Gujarat’s Kheti Bank earned a gross profit of 100 crores and 0% NPA. Congratulation to its Chairman Mr. Dolarbhai Kotecha, Vice Chairman Mr. Laljibhai, Board of Directors and all the employees.
An unaudited figure coming to the Indian Cooperative desk reads, “The advances of the bank grew from Rs 552 crore (2021-22) to Rs 644 crore as on 31st March 2023. The own fund and share capital of the bank stood at Rs 618 crore and 47 crores in the 2022-23 FY”.
“The bank’s gross profit increased from Rs 50.79 crore (2021-22) to Rs 101.52 crore in the 2022-23 FY. As on 31st March 2023, the bank earned a net profit to the tune of Rs 51.55 crore”, an unaudited figure reads.
Gujarat’s Kheti Bank hit the media headlines for the participation of Union Cooperation Minister Amit Shah in its last AGM and Kotecha becoming the Chairman Nafcard President.
The Kheti Bank is giving loans for agriculture infrastructure to farmers of Gujarat. In this way, the agriculture bank has freed many farmers from the clutches of moneylenders.
The bank has emerged as the largest agriculture finance bank by disbursing loans. The Kheti Bank’s 17 district offices and 176 branches provide medium- and long-term loans.
Its members exceeded three lakh and fixed deposits stood at Rs 232 crores and within a year, the Kheti Bank has balanced its finances very well by recovering loans.
Interestingly, the newly elected Chairman Kotecha is said to be close to Shah, paving the way for fast transformation of Kheti Banks across states, said a prominent Gujarat co-operator seeking anonymity.