Uttarakhand-based Nainital District Cooperative Bank earned a net profit of Rs 8.83 crore in the 2020-21 FY and the Net NPA of the bank as on 31st March 2021 stood at 6.27 percent. This was announced in the 91st Annual General Meeting held in hybrid mode last week.
Besides, the bank has announced plans to give a 9.5 percent dividend to its shareholders for the 2020-21 year. The deposits of the bank grew from Rs 1,036.24 crore in 2019-20 to Rs 1132.41 crore in 2020-21.
The bank has set a target of giving loans of Rs 142.50 crore under various government schemes including education, business, dairy in the financial year 2021-22. Loan recovery stood at 79.34 percent in 2020-21, but in the current financial year, we set a target of increasing it to 92 percent, said Rajendra Singh Negi, the Chairman of the bank.
The share capital of the bank increased from Rs 10.42 crore to Rs 10.94 crore in the 2020-21 FY. As on 31st March the working capital of the bank stood at Rs 1,423.20 crore.
The bank has set a target of opening four new branches at the end of the current financial year. Recently the bank opened a branch at Kathgodam and now the preparations for opening branches at Bindukhatta, Chakluwa and Patlot are near completion and hope it will be opened by October.
Uttarakhand State Cooperative Bank Chairman Dan Singh Rawat who was invited as the chief guest, said while addressing the AGM that the bank should do insurance for bank members for Rs 5 lakh and the insurance premium should be paid from the members dividend. This will provide them safety and security.
Additional Registrar Cooperative Societies Ira Upreti, the Bank GM PC Dumka, the Bank Vice President Deepa Nayal, the UCF Director Shiv Bahadur Singh and others were present.
Readers would recall that last week Nainital District Cooperative bank contributed Rs 8 lakh and Rs 3,21,841 donated by the employees to fight covid 19. The total amount of Rs 11,21,841 was contributed to the CM Relief fund and Rs 2 lakh towards the PM CARES fund.
