Nabard has lauded the efforts of Nagaland State Cooperative Bank in wiping out the accumulated losses during the year. The bank’s name is mentioned in the Key Statistics of Cooperative Banks (Short term Co-operative Credit Structure 31st March 2020), which was released recently.
According to the report, In 2019-20 FY Nagaland StCB is having a network of 21 branches and share capital of Rs 6,796.33 lakh. The reserves and other funds of the bank are Rs 2,513.21 lakh. The total deposits of the bank Rs 93,815.45 Lakh. The borrowing from Nabard includes Rs 7,300.52 lakh.
The total assets of the bank are worth Rs 1,24,024.82 Lakh. The bank earned an operating profit of Rs 22 crore and a net profit to the tune of Rs 12 crore in 2019-20 FY. The gross NPA of the bank 13.73 percent as on 31st March 2020, according to the statistical data released by Nabard.
For many years, the bank was grappling with a financial crisis but now the bank is earning a handsome profit year after year and also catering to the needs of people in a good manner.
Nabard has come out with a 358-page report on the performance of co-op banks during 2019-20, which says that the aggregate accumulated losses of State Co-op Banks have increased from Rs.471 crore to Rs.1,232 crore.