Buldhana based Chikhli Urban Cooperative Bank has crossed a business mix of over 1900 crore in this fiscal i.e. 2018-19 and aims to achieve a business mix of Rs 2400 crore by 2020. The bank has also performed well in controlling the NPA in the current fiscal. In 2017-18 the bank’s business mix was about Rs 1600 crore.
The bank’s profit has almost doubled in this fiscal and grown from Rs 6.07 crore to Rs 11 crore. The bank’s deposits rose from 1011 crore to Rs 1147 crore whereas loans and advances increased from Rs 675 crore to Rs 767 crore.
The bank has performed well in all the fields. The Net NPA decreased from 4.59% to 2.35% whereas Gross NPA decreased from 6.98% to 5.46% in FY 2018-19.
The bank’s reserves and other funds increased from Rs 70 crore to Rs 91 crore. The authorized capital rose from Rs 32 crore to Rs 33 crore.
The bank Chairman Satish Gupta informed that, “We are in the process of taking over Khamgaon based Janata Commercial Cooperative Bank which has two branches. The process is likely to be completed soon”, said Gupta.
He further said, ” The Registrar of Cooperative Societies has given the approval for the takeover but the proposal is pending with RBI. We are hoping that it will be approved soon. The Janata Commercial Cooperative Bank has incurred losses amounting to a whopping Rs 2.5 crore”, he informed.
The Chikhli UCB is also active in empowering women of society and launched a scheme namely “Bachat Ghar” in the interest of women.
In the period of about 1.5 years the bank has opened 13 branches across Maharashtra and now the total number of branches is 29. “We will not expand the network of branches at least in the foreseeable future and we are currently focused on improving infrastructure and the internal system of 29 branches”, he stated.
About 43,000 shareholders are connected with the bank. The bank is the first UCB established in the Vidarbha region in 1962.”
