The financial background of Maharashtra based Pravara Sahakari Bank for the year 2019-20, as published by Indian Cooperative was not impressive. Reading our news item, the UCB, which has done reasonably well this year (2020-21) has shared some details. Being an open platform where two-way communication is possible, we have no problem in publishing their latest financial reports -Editor
Maharashtra based Pravara Sahakari Bank which was grappling with the rise in NPA levels, has succeeded in controlling it to a great extent in the 2020-21 financial year, amidst Covid-19.
The Net NPA of the bank decreased from 16.26 percent to 6.13 percent whereas gross NPA declined from 22.57 percent to 11.50 percent. Besides this, the bank’s goal is to reduce Net NPA to zero percent till the end of the current financial year, claimed the bank’s officials.
The bank not only succeeded in controlling its NPA levels, but also registered a growth on almost all financial parameters in 2020-21 in comparison to previous year i.e. 2019-20.
According to the financial figures sent to India Cooperative by the bank, “The deposits increased from Rs 597 crore to Rs 644 crore as on 31st March 2021 whereas loans and advances rose from Rs 279 crore to Rs 373 crore. In addition, the bank’s gross profit has also increased from Rs 10.44 crore to Rs 14.45”.
Later on talking to Indian Cooperative bank’s CEO Saurabh Balot (In-Charge) said, “In 2020-21 our team has done the higher recovery and thus succeeded in controlling the NPA levels. The bank has recorded Gross Profit of 14.45 crore but the bank has made good provisions for their Bad & Doubtful Debt and recorded net profit to the tune of Rs 1.71 Cr for FY 2020-21. Besides, the bank has projected its Net NPA 0% for the FY 2021-22”.
The investment in government approved securities for maintaining SLR increased from Rs 177 crore to Rs 215 crore as on 31st March 2021.
Readers would recall that the bank recently organized its 46th Annual General Meeting virtually for the 2019-20 which was inaugurated by Sujay Vikhe Patil, MP, Ahmednagar, Lok Sabha.
Pravara Sahakari Bank was registered in 1974 and commenced banking business in June 1975. The bank was included in the second schedule of the Reserve Bank of India on April 5th 2003 and became a scheduled cooperative bank.
The bank is basically catering to the needs of people living in rural areas. The Head office of the bank is located in Loni Bk. The human touch in the services is the slogan of the bank.