Rao led Karimnagar DCCB emerges role model; does brisk business

Telangana’s District Cooperative Banks have had an excellent performance doing a total business of Rs 40,000 crore during the financial year 2022-23. However, of all the banks, Karimnagar district cooperative central bank (DCCB) has done the best, accomplishing a business of Rs 5,625 crore.

The Karimnagar DCCB has posted a profit of Rs 91.40 crore for the financial year 2022-23, up from the Rs 68.08 crore it registered in the year 2021-22, informs a press release.

The bank has brought down its gross Non-performing assets (NPA) from 1.50 per cent during the year 2021-22 to 1 per cent during the financial year 2022-23.

Talking to journalists, KDCCB chairman Konduru Ravinder Rao said that the Bank had done a total business of Rs 5,625 crore during the last financial year with a growth rate of 14.79 per cent.

Rao, who also heads the apex body of co-op banks in the country thanked the customers for reposing faith and banking with the KDCCB for their all needs.

Rao, who is also chairman of TSCAB and NAFSCOB, said that the Telangana state cooperative emerged as a role model for the entire country in the computerisation of PACS and introduction of a new HR policy for PACS.

The Karimnagar DCCB, which has been ranked as the strongest DCCB in India, took several measures to convert Primary Agricultural Cooperative Societies (PACS) into Multi-Service Centres (MSC) providing all kinds of services including farm credit to the farmers.

Soon after the AGM, talking to the Indian Cooperative Karimnagar DCCB Chairman K Ravinder Rao said, “In our state, co-ops have to organize AGMs two times, first before the end of September and again somewhere before the end of March. Several issues came up for discussions during the AGM”.

“We are looking forward to achieving more business and net profit in comparison to last financial year i.e. 2021-22. We are expecting that our business will cross to more than Rs 5700 crore and deposits will stand at around Rs 2300 crore. Besides, we will earn a net profit of more than Rs 60 crore”, said Rao who is also the Chairman of Nafscob.

Besides, he expressed his disappointment at the fact that depositors are withdrawing their money from the bank in the wake of land value going upwards in our area and investing that money to buy the land. In their interest, we have increased the interest rate of deposits. There would be 15-16 percent decline in the deposit’s portfolio of the bank, said Rao.

He further added, the CD Ratio of the bank, which was earlier 100 percent has now reached 141 percent. The bank is not facing any difficulty on the Loaning parameter.

Recently, the Karimnagar District Cooperative Central Bank (DCCB) provided financial assistance of Rs 22.44 crore to 247 women self-help groups (Mahila Samakhya) of Sircilla textile town.

In the second AGM of the year, Vice chairman P Ramesh, directors P Mohan Reddy, Swamy Reddy, CEO N Satyanarayana Rao, NABARD DDM P Ananth and others were also present on this occasion.

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