AGM of Kurmanchal Nagar Sahakari Bank held

Vinay Sah-Chairman of Nainital based Kurmanchal Nagar Sahakari Bank announced that the Bank has earned a net profit of about Rs 13.77 crore in the last fiscal year as against Rs 13.51 crore in the 2015-16 financial year. The bank has a network of 41 branches in Uttarakhand.

During Demonisation our deposit increased from Rs 1383.67 crore to Rs 1546.18 crore, but due to heavy rush in branches for exchanging the notes & withdrawing money from our ATM advances declined from Rs 802.38 crore to Rs 747.39 crore because of uncertainty in market, he added.

Vinay Sah said that the bank would adopt the latest technology as to leave no scope for loopholes in transactions and customer services. He was speaking before the bank’s Annual General Meeting last week.

“Even though a huge amount would be needed for the latest technology, it would be worth it as it would make our bank strong and competitive in the cooperative sector”, Sah said.

A graduate of IIT Kanpur Vinay Sah has also declared dividend of 10 percent to over 25,000 members associated with it.

Sah presented the financial report which was unanimously passed by the delegates. He urged upon the employees of the bank to give better services to customers and focus on the Anytime Banking and Anywhere Banking model.

The wards of employees were also felicitated who had scored good marks in 10th and 12th classes. Sah also gave a reward of Rs 5,100 with a trophy to the branch manager of Almora for his praiseworthy work.

Earlier, while addressing the AGM of NAFCUB in Delhi, Govind Ram Raturi advocated the use of the SARFAESI Act 2002 to ensure recovery of NPAs.

Raturi said “As you are well aware that the SARFAESI Act is an effective instrument for recovery of NPAs, but the high court of Uttarakhand has not allowed the bank to proceed with recovery via SARFAESI and have asked us to proceed via section 70 and 71 of the Uttaranchal Cooperative Societies act 2003.

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