Punjab State Cooperative Bank has performed spectacularly on all the financial parameters in the 2023-24 FY and crossed the business mix of more than Rs 10,000 crore, earning a profit to the tune of Rs 35.61 crore as on 31st March 2024.
The deposits of the bank grew from Rs 3,833 crore (2022-23) to Rs 4,398 crore in the 2023-24 FY whereas advances increased from Rs 5,685 crore to Rs 6,036 crore as of 31st March 2024.
The total business of the bank stood at Rs 10,434 crore. The gross and net NPAs of the bank stood at 0.91 percent and ‘Zero’ respectively.
Talking to Indian Cooperative, Punjab StCB MD Devinder Singh (IAS) said, “We have performed well on all the financial parameters in the 2023-24 FY and are making our sincere efforts in taking the bank to newer heights in the future too”.he said.
“Presently, we are upgrading ourselves with the latest technology. The bank has adopted Finacle (by Infosys) Core Banking Solution and we are going to upgrade it from the existing 7.0 version to 10.0 version in a couple of days”, Singh said on the phone.
He further added, during the year, we have taken strict action against several borrowers whose account has become NPA. We are making efforts in recovering the long pending dues from the borrower he asserted.
Singh said, we also engaged ourselves in the process of computerization of PACS, a pilot project of the government of India. There are 3,522 PACS in the state and channels are being prepared to computerize them, he informed.
The CRAR of the bank stood at 13.39 percent as on 31st March 2024.
During the year there is no change in the share capital issued. The total share capital subscribed as on 31 March 2024 is Rs. 172.21 crore out of which Rs. 0.20 crore is held by the State Government and 172.01 crores held by Cooperative Institutions.
The bank is regularly paying premiums to DICGC. Premium upto 31.03.2024 was paid of Rs 1.44 crore on 29.11.2023 and Advance Premium for the half year ending 30.09.2024 has been paid on 30.05.2024 of Rs 1.49 crore. No penalty has been imposed for any violation by RBI on the bank during the FY 2023-24.
The Punjab State Cooperative Bank Ltd. was registered on 31 August 1949 with its area of operations UT Chandigarh and state of Punjab. At present, the bank is running its business through 18 branches.