Surat District Central Cooperative Bank crossed the business mix of Rs 10,000 crore in the 2021-22 financial year and eying to achieve Rs 15,000 crore in the span of three years.
“The present board has completed the tenure of over 1.5 years but with the completion of the full tenure of five years, we are aiming to achieve a business target of Rs 15,000 crore and expansion of the network of branches from existing 111 to 125. And we hope that we will easily achieve it in the near future”, said the bank Chairman Nareshbhai Patel while talking to Indian Cooperative on the phone.
The bank Chairman added that our area of operation is Surat and Tapi district and we are helping the farmers form the network of 111 branches spread across the said districts. Over 2400 societies are our shareholders.
The deposits of the bank grew from Rs 6750 crore in 2020-21 to Rs 7868 crore in the 2021-22 FY whereas loans and advances reduced from Rs 2723 crore as of 31st March 2021 to Rs 2559 crore as of 31st March 2022. The total business stood at Rs 10,427 crore.
Besides, the bank also maintained the tradition of having Zero NPA and earned a profit of Rs 25 crore in the 2021-22 FY. Earlier in 2020-21, it was Rs 21 crore. As of 31st March 2022, the bank borrowing and investment stood at Rs 317 crore and Rs 5707 crore respectively.
Patel underlined that; our bank has been committed for the overall upliftment of society. We have donated lakhs of rupees to Hospitals, Schools, Colleges and Social Charitable Institutions and also a separate fund has been created for donations to the Educational organizations.
In the year 1909, with the efforts of Late B.A.Modi and Late K.G.Desai the Surat District Co.op.(Urban) union Ltd., was registered on 17-6-1909. It was the institution which later became known as THESURAT DISTRICT CO.OP. BANK LTD.
In the year 1921, this society had undertaken banking activities in absolute terms. In 1923 The Surat District Co.op. (Urban) union was converted into The Surat District Co.op. Bank Ltd, claimed its website.
