Posting a gargantuan business mix of over Rs. 10 thousand crore in the fiscal 2017-18, Maharashtra’s 100 years old Bassein Catholic Cooperative Bank is suddenly in the same league as the country’s top 10 urban cooperative banks. There are about 1500 UCBs in India.
“In financial year 2016-17, the bank’s total business was about Rs 9 thousand crore but this time we are able to cross the Rs 10 thousand crore mark”, said an euphoric Yuri Gonslaves, the Bank Vice Chairman to this correspondent.
”The bank’s Gross NPA has reduced from 4.36 percent to 3.5 percent. We were able to recover the loans in the last fY and this greatly helped the bank reduce its NPA”, he underlined.
Recently, the bank organized an appreciation event in its headquarters for officials as well as employees in general thanking them for their efforts and hard work in ensuring the success of the bank, Gonslaves said.
On this occasion, the bank Chairman Onil Almeida, the Bank CEO Brijdina Coutinho and senior employees were present.
Meanwhile, the bank has expressed its resolve to achieve a business mix of Rs 20 thousand crore by 2022.
Readers would recall that the bank which is 1ooth year old is planning to conclude its celebrations with a grand finale to be inaugurated by Maharashtra CM Devendra Fadnavis soon.
The Bassein Catholic Cooperative Bank was established by a social reformer P.J.Monis, Christian missionery on 6 February 1918 in Vasai, The bank has a network of about 58 branches. It earned a net profit of Rs 75 crore in the financial year 2016-17.