During its 52nd AGM held recently, Pune based Vishweshwar Sahakari Bank has proposed several amendments in its bylaws which can have far-reaching implications for the future elections in the UCB.
New amendments suggest that to qualify for a Board member, one needs to have association with banks for three years in place of one year and deposits worth Rs 3 lakh in place of Rs 10 thousand, as was the case in the past. There are several other proposed amendments in the bylaws , which have been passed by the General body and have been sent to the Registrar for approval.
Meanwhile, it was revealed in the AGM that the UCB has done well in the preceding financial year. The bank business mix crossed to more than Rs 2800 crore and earned a net profit of Rs 16.69 crore as on 31st March 2023. The bank is aiming to achieve a business mix of more than Rs 3500 crore by 31st March 2026.
Reacting to the proposed amendments, the bank’s Chairman Anil Gadve said, “They are in the interest of the bank and they were passed unanimously by the AGM. The proposed changes will disallow those members from contesting the election who do not have sufficient exposure to the UCB as well as those who have no professional approach”.
According to the existing byelaws, the member who wants to contest elections of the board, has to be a member of the bank for no less than 12 months preceding the date of election or appointment. The proposed amendments talk about 36 months.
Besides, the bank proposes to add a new provision related to share capital raising it further. Another proposed amendment states that a member should have no less than minimum deposits of Rs 3 lakh for the continuous period of three years before filing nomination papers for elections. Earlier, an aggregate deposit amount of Rs 10000 or more was required for filing nomination papers.
Coming to the performance of the bank as on 31.03.2023, the bank’s deposits stood at Rs 1743.86 crore. The increase in deposits is of Rs 113.27 crore with an increase of 6.95%. During the year the bank has successfully increased its advances by Rs 219.96 crore from Rs 921.32 crore to Rs 1141.28 crore displaying substantial increase of 23.87%, reads the bank’s annual report.
The Net NPA and Gross NPA of the bank stood at 1.18 percent and 4.73 percent as on 31st March 2023. The CRAR stood at 16.25 percent. During FY 2022-23, the bank has received permission to open branches at Latur, Ichalkaranji and Pirangut. All these branches will start their operations in the near future. The bank announced a 10 percent dividend for its shareholders for the year 2022-23. The bank has a network of 29 branches.
According to the bank’s annual report, all the branches of the bank have registered profits as of 31st March 2023, except Vashi-Turbhe (Maharashtra) and Belagavi (Karnataka). The Vashi-Turbhe and Belagavi registered losses of Rs 52.13 lakh and Rs 39.52 lakh respectively.
One can read the proposed amendment by clicking the following link:
Vishweshwar Sahakari Bank-Bye Laws Amendment
