Goa Urban Cooperative Bank is in a bad way and the newly elected Anil Gaunekar-led panel said it would focus on returning the bank to its profitable ways, reports Times of India.
“The mining ban hit the bank’s finances. There is a need to resolve the non-performing assets (NPA) crisis to get the bank back on track,” the panel chairman said.
The Gaunekar-led panel won the Goa Urban Cooperative Bank election by 5:4.
The bank’s gross NPAs as of March 2016 were 18%. This position needs improvement. Advances have to go up. If the bank lends to some good sectors, the percentage will improve, said one of the directors.
The new panel,intends focusing on improving the bank’s business mix, while also bringing in professional management. Introduction of technology will be one of the priorities.