Beating demonetization Raj Bank registers profit

The Co-operative Bank of Rajkot popularly known as Raj Bank has earned a profit of Rs 60 crore- an increase of Rs 8 crore from the last fiscal. The figure is damn impressive given the woes felt by us in the wake of demnonetization, said Kamal Dhami.

Giving details Dhami said the turnover of the UCB has also seen a growth as it was Rs 2997 last year which became Rs 3435 this fiscal.

Readers would note that last month there was an election in Raj Bank in which both Chairman and Vice-Chairman allowed themselves to be replaced by new faces but the Kamal Dhami panel continues to call shots in the affairs of the Bank, said a source.

Established in 1980 under the leadership of late Ramnikbhai Dhami, the Co-operative Bank of Rajkot has not looked back. Late Dhami was also the Vice-Chairman of KRIBHCO, Director at IFFCO and at NAFCUB.

Presently, the bank is having 27 branches in all, 26 in Gujarat and 1 in Maharashtra and in the coming days it plans to open one branch in Surat. The bank has about 70,000 shareholders.

The bank is equipped with high technology using Enterprise Banking Solution and ABB at all branches for its customers. The bank has also installed CBS and its 11 branches are equipped with onsite ATMs.

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