Rare feat: Varachha Co-op Bank achieves zero NPA

Gujarat based Varachha Co-op Bank has achieved the rare distinction of being a “0” Gross NPA bank, according to the financial report prepared at the close of this fiscal. It also registered a growth of 10% in Deposits and 33% in advances with its total business exceeding to over 2100 crores, claimed its Chairman Kanjibhai R Bhalala.

Bhalala announced the good news and said it is a rare feat for the Varachha Co-op Bank in the entire Cooperative Banking sector. Bhalala said this growth is due to the confidence of the public reposed upon Varachha Bank. Having commenced the Banking operation in 1995, the Varachha Bank is having 23 branches today and has become one among the top 10 co-operative banks in the State.

On the technological front, there is commendable progress as more than 4 lakh customers are getting quick and efficient service through digital banking here, he added.

Vitthalbhai B Dhanani, General Manager of Varachha Co-op Bank informed that the Bank is not only active in maximizing profit but is also active on its social responsibilities towards the customers. Account holders are getting accident insurance coverage, he added.

Listing its achievements GM Dhanani said more than 72 thousand customers were added in Prime Minister’s Jivanjyoti Vima Yojana and nearly 85 thousand were included under PM’s Jivan Suraksha Vima Yojana. “By achieving these, Varachha Co-op Bank has surpassed all other UCBs in the West Zone, he claimed.

Bank has fully equipped Data centre. More than 156438 customers are using Bank’s debit cards for their online transactions to the tune of crores on daily basis. He named the role being played by Bhavanbhai B Navapara, Managing Director and EDP department in this connection.

More than 22000 customers are using Mobile and Net Banking with the Bank. Varachha Bank is expecting Scheduled Bank status in the near future, for which efforts are already on. Varachha Bank secured 8th place among 225 co-operative banks in Gujarat State and 3rd place in Surat, claimed the release.

 

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