Belgaum based Maratha Cooperative Bank will cross a whopping Rs 230 crore business in the current financial year on account of its increasing customer base. In 2017-18, the bank’s business stood at about Rs 202 crores.
Talking to this correspondent the bank’s General Manager Ravikiran V.Dhuraji said they are hopeful that the bank deposit will reach the Rs 130 crore mark whereas loans and advances are expected to reach up to Rs 100 crore by the end of the current financial year.
He further said the bank is providing minimum loan of Rs 500 under the Gold loan category and 20 thousand customers have availed this benefit who mostly live in remote areas of Belgaum district in Karnataka.
The bank completed its 75th year last year and distributed maximum dividend of 25 percent to its shareholders which is the highest percentage of dividend paid as per the state coop act”, he said in a telephonic chat with this correspondent.
Using the latest technology the bank recently launched its mobile app to compete with other players on the market. “The unique feature of the bank is not taking fee for ATM, IMPS, NIFT, RTGS, processing fee for Home Loans, and Auto Loans. The bank is also not charge anything for maintaining the minimum ATM balance”, Dhuraji claimed.
Maratha Urban Cooperative Bank is the eighth bank in the Urban Cooperative Banking sector which is live at UPI platform under the sub membership model.
Tracing the history of the bank, General Manager informed, “Maratha Bank was established in the year 1942 fulfilling the needs like small businesses, education ventures, housing etc of Bahujan Samaj. At that time, it had only 104 members and a capital of just Rs 3500 to begin with”, he said while recalling the history.
Contributing towards the CSR, every year the bank gives donations for schools, charity and also for social camps for the public.
The cooperative Bank has branches across the district and has a reserve fund of about Rs 47 crore. The Gross NPA of the bank stood at 5.84 percent and Net NPAs remained 0 percent during the last fiscal year i.e. 2017-18.The Bank earned a net profit of Rs 2.4 crore in the last financial year.