Any urban cooperative bank doing well in north and central India deserves credit. Gwalior Nagarik Sahakari Bank-headquartered in Gwalior in Madhya Pradesh is one such fine example.
The leading Urban Cooperative Bank of Madhya Pradesh- Gwalior Nagarik Sahakari Bank is planning to double its business turnover and extend its branch network in other parts of state till 2020. Ambitious plan, its Chairman Vinod Suri says is achievable.
The UCB was in news recently when it opened an E-Lobby facility at its Shinde ki Chhawani branch, on the lines of private banks. This was inaugurated by a senior member of the Bank, Retired Prof. Rajendra Bandil.
“To give new services and to compete with the Nationalized and Privates banks we have inaugurated the E-Lobby facility where automated banking is done which makes banking easy for the customers 24×7”, claimed Gwalior Nagarik Sahakari Bank’s Chairman Suri.
“Customers can deposit as well as withdraw cash 24×7 through the machine installed in E-lobby. We are making efforts to provide customers maximum facilities through the bank”, Suri said trying to sound humble.
Speaking on the occasion, Rajendra Bandil said the UCB is on the path of progress, as is proved by its continuous growth. It has earned the trust of people in the region and as an old customer I can vouch for its transparent style of functioning, he underlined.
On this occasion among others, Mayor Vivek Shejwalkar, former Chairman of Bank Mahendra Aggarwal, Ramakant Gaurav, CEO Arun Agarwal and others were present.
Suri recalled the UCB had started its activities from a small room but now has six branches spread in the area. Currently bank is having a business mix of about 362 crore. It plans to touch a figure of Rs 700 crore by doubling its business turnover by 2020.
However, Bank’s Chairman feel somewhat restrained in getting RBI’s clearance in expanding its business operations. Regulator RBI, known for its conservative outlook is yet to give go-ahead for opening of four more branches of the UCB. Our applications are pending with the Reserve Bank of India for the last four years, said a disappointed Suri.
It bears recall that the Gwalior Nagarik Sahakari Bank was established in 1980 and has more than ten thousands shareholders. It disbursed 14 percent dividend to them in the last fiscal. The Bank Net NPA 2.9% and earned a net profit of around Rs 3 crore in 2017-18 financial year.