Rajasthan-based Kota Central Cooperative Bank earned a net profit of Rs 3.27 crore in the 2020-21 financial year, which is the highest ever in the history of the bank. Earlier in 2019-20, it was 1.31 crore, announced in the Annual General Meeting held recently which was presided over by the bank administrator and district collector Ujjawal Rathore.
The meeting was held through video conferencing, in which 165 Chairmen of village service cooperative societies, purchase sales cooperative societies and other cooperative societies were present.
The bank’s Managing Director Balvinder Singh Gill (Joint Registrar) presented the audited accounts, audit report, approved budget, and expenses of the bank were unanimously passed by the members present on the occasion. The proposed budget of 62.20 crores for the year 2021-22 was also unanimously passed in the meeting, informs a press note released by the bank.
As of 31st March 2021, the bank’s share capital and net worth stood at 42.47 crores and 49.67 crores respectively. The deposits of the bank increased from Rs 487 crore to Rs 560 crore in the 2020-21 FY. The net NPA of the bank stood at 3.37%.
Talking to Indian Cooperative, Gill said, “We have decided to construct our new head office at Shrinath Puram and all the formalities have been done. The construction will start in a couple of days. The area is about 18,500 sq ft and the total estimated cost of the project would be Rs 3 crore. The deadline for completing the construction is one year and it will be a double-story building.
The bank has 11 branches across Kota and over 148 PACCs are associated with the bank. The Kota DCCB is also providing a loan to the farmers at zero rates of interest. The Kota Central Co-Operative Bank Limited, Kota was established on 1 February 1927.
