Maharashtra based Raigad District Central Cooperative Bank is one of the fastest growing DCCBs in India with the bank achieving a total business mix of Rs 3,846 crore as of 31st March 2022. But now the bank’s business has gone up to Rs 4,250 crore.
The bank performed well on all the financial parameters in 2021-22 and is presently focusing on decreasing the gross NPA level. The bank earned a net profit of Rs 23.71 crore as of 31st March 2022.
Talking to Indian Cooperative the acting CEO Mandar Vartak said, “It was a good year in terms of business but we are focusing on achieving the business mix of more than Rs 4500 crore at the end of the current financial year”.
“We are looking forward to maintaining the CD Ratio level at 60 percent. Though the bank’s net NPA is Zero, the Raigad DCCB is focusing on decreasing the gross NPA level. Due to the amount stuck in two beleaguered banks and two sugar factories, we are facing this problem. With the support of the management, staff members and others we will recover it sooner than later”, he added on the phone.
Vartak further said, ‘our goal is to introduce the new technology in the bank and Google UPI & other digital products are in the pipeline. Besides, we have got the permission for opening branches and will expand the bank in remote areas, with the objective to serve the local people.
The bank deposits increased to Rs 2359 crore (2020-21) to Rs 2464 crore as of 31st March 2022 whereas loans outstanding grew from Rs 1294 crore to Rs 1382 crore.
The gross NPA decreased from 10.88 percent to 9.98 percent. The net worth of the bank rose from Rs 278 crore to Rs 323 crore. As of 31st March 2022, the share capital and reserves stood at Rs 24.91 crore and Rs 492 crore.
The Bank has formed more than 8500 SHGs, more than 180 Joint Liability Groups and also established 210 farmer groups.
The bank was established in 1960 and the area of operation is the entire Raigad District with its Head Office situated at Alibag. It has 58 branches. The bank also won several awards from the state government as well as other organizations in different categories.
