Delhi based Vaish Cooperative Adarsh Bank earned a net profit of Rs 85 lakh figures but there was disappointment among delegates when this minuscule profit was announced before the recently held Annual General Meeting.
A member in 1980s had taken a loan from the bank to the tune of Rs 50 lakh but till 2015-16 the total amount including interest had gone to the tune of Rs 8 crore and he was not paying EMI from long. With the intervention of the board members they were able to recover and settle the loaning amount to Rs 2.5 crore in the 2015-16 financial year. If they had not recovered the loan, we would have been in the red, said one of the delegates to this correspondent on condition of anonymity.
Another delegate Kiran Pal Tyagi who has been a member of the bank since 1984, has accused the present Chairman Mukesh Jain of indulging in corruption. The bank has 11 branches in the Delhi Capital Region but only the branches in Shakarpur, Karol Bagh and Gandhi Nagar are performing well. The remaining 8 branches are in losses and he said either they should be closed down or shifted to better locations.
The chairman of the bank highlighted various activities undertaken by the bank in the last financial year. He said the bank has started ATM facility and they are giving transaction information to members as well as customers of the bank free of cost.
Jain claimed that compared to the last financial year 2015-16, the deposit of the bank has risen to Rs. 39.43 crore in the 2016-17 fiscal year. At the time of demonetization the bank had continued to provide its members and account holders with all possible services. The bank has continued to increase the reserve fund and as per the recent audit it is Rs 2318.59 lakh.
However, this correspondent came across members who voiced their dissatisfaction with the way the bank is being managed. According to them, the new managing committee has spent a huge amount of money on renovation of the head office in Daryaganj but this was absolutely unnecessary.
Several delegates wanted the percentage of dividend to be raised from 15 percent to 18 percent. The loaning process should be made simple and easy and the attitude of staff towards members should vastly improve, demanded malcontent delegates.
Vice Chairman of the bank Satish Parkh proposed a vote of thanks.
