The Maharashtra State Cooperative (MSC) Bank organized its 113th Annual General Meeting (AGM) on Thursday in Mumbai, where it unveiled a ‘Lifetime Pension’ scheme for its employees.
The scheme currently covers 507 employees, each of whom will receive Rs 10,000 as a lifetime pension. Importantly, the entire investment required for the scheme has been made by the bank, ensuring that the staff does not bear any financial burden.
During his address at the AGM, the bank’s Administrative Board Chairman, Vidyadhar Anaskar, highlighted the bank’s financial progress, stating, “In the financial year 2023-24, the net worth of the bank stood at Rs 4,618 crores, marking a substantial increase of Rs 809 crores compared to the previous year, 2022-23.
The Maharashtra State Cooperative Bank currently holds the highest net worth among all cooperative banks in the country.
The MSC Bank reported a net profit of Rs 609 crores for the financial year 2023-24 and announced a 10% dividend for its shareholders.
Additionally, in alignment with the Reserve Bank of India’s criteria, the bank’s Capital to Risk-Weighted Assets Ratio (CRAR) stood at an impressive 16.34%, well above the required 9%. The Credit to Deposit (CD) Ratio was recorded at 81.50%.
The bank’s total business grew significantly, by Rs 12,201 crores, reaching Rs 57,265 crores as of 31st March 2024. Loans disbursed during this period amounted to Rs 33,681.71 crores, reflecting a significant increase of Rs 7,231.66 crores compared to the previous year. The bank’s deposits also rose by Rs 4,969.37 crores, bringing total deposits to Rs 23,582.92 crores.
As of 31st March 2024, the bank maintained a Provisioning Coverage Ratio of 83%, and its Net Non-Performing Assets (NPA) stood at 1.66%.
In recognition of its strong commitment to security and operational excellence, the Maharashtra State Cooperative Bank became the first bank to receive the prestigious ISO 27001-2013 certification for international security standards, further cementing its 113-year legacy of growth and leadership in the cooperative banking sector.