Maharashtra based Pune District Central Cooperative Bank organized its Annual General Meeting last week in which more than 900 members registered their participation. There was a mood of elation in the AGM as the bank earned a gross profit of Rs 273 crore and a net profit of Rs 50 crore in the 2019-20 FY, with no impact of corona on its business.
“The co-op bank registered growth on all the financial parameters. The net NPA of the bank is zero”, said its Chairman Ramesh Thorat proudly.
Interestingly, the bank board has three cabinet ministers from the Uddhav Thackeray cabinet. Maharashtra Deputy Chief Minister Ajit Pawar who is on the board of the bank could not attend the meeting due to his last-minute engagement. The State Labour Minister Dilip Walse Patil and Dattatray Vithoba Bharne and other board members attended the meeting.
Thorat further added that, the total business mix of the bank has risen from Rs 15,618 crore to Rs 16,935 crore in 2019-2020. The deposits increased from Rs 9,143 crore to Rs 10,097 crore whereas loans and advances grew from Rs 6,474 crore to Rs 6,848 crore. The Net Worth of the bank is Rs 795.32 crore. The C.D.Ratio of the bank is 67.20% and CRAR is at 12.52%”.
It is noteworthy that several DCCBs across the country are grappling with the increasing NPA but the Pune DCCB registered Zero Net NPA. The bank’s gross and Net NPA is 8.06% and 0% is 2019-2020 FY. Earlier in 2018-19 the gross and the Net NPA of the bank was 13.34% and 2.86% respectively.
Besides, the reserve fund of the bank increased from Rs 1173 crore to Rs 1348 crore in the 2019-20 FY. In the same financial year, the bank made a provision of Rs 223 crore, it was announced during the AGM.
Thorat extended thanks to customers, depositors, farmers, well-wishers for reposing their utmost confidence and faith in the bank. The latter has acquired the faith of the people both in urban & rural areas and will maintain the same forever.
The bank has fulfilled all the financial requirements of the rural sector, entrepreneurs and salaried people and is playing a vital role in the development of the rural economy.
The bank is mainly financing agriculture and allied activities, women’s Self-Help groups and common & low income group people.
Similarly, the bank has created a strong network of cooperatives in Pune district with the dedicated efforts for the development of agriculture and allied activities; so as to bring about an improvement in the life of agriculturists.
The bank has 294 branches across the Pune District.
