The Board of Directors of Mizoram Cooperative Apex Bank Ltd. reviewed the bank’s performance and sanctioned 149 loan applications amounting to Rs 36.30 crore at its meeting held at the Head Office on Thrusday.
The meeting was chaired by Bank Chairman Lalnunsanga and considered various aspects of the bank’s ongoing operations. Of the loans sanctioned, 74 applications amounting to Rs 17.89 crore were for construction of churches, making it the largest category of lending approved at the meeting. The loans were sanctioned to individuals, groups and societies.
The bank currently has deposits of Rs 1,932 crore and loans outstanding of Rs 1,288 crore, with its Credit-Deposit (CD) Ratio standing at 67%.
The Board also approved membership share applications from eight societies, taking the total number of shareholder societies to 1,121.
To improve banking access in areas without branches, the Apex Bank is expanding its Pigmy Deposit Collector and Business Correspondent network. It currently has 44 Pigmy Deposit Collectors and 41 Business Correspondents.
