Uttarakhand based Tehri-Garhwal District Cooperative Bank organized its 65th Annual General Meeting last week, which was attended by the state cooperation minister Dr Dhan Singh Rawat as the chief guest.
In his address, Rawat lauded the efforts of the bank in catering to the financial needs of local people. He also touched upon a few provisions of the Multi State Cooperative Societies (Amendment) Act and informed the participants that with the passage of the act the ‘Nepotism’ would cease to be rampant in co-ops.
Talking to the Indian Cooperative correspondent, Tehri DCCB Chairman Subhash Ramola said, “We have performed well on all the financial parameters in the 2022-23 financial year and have earned a gross profit of Rs 20.56 crore as on 31st March 2023. Besides, the deposits of the bank have gone up to Rs 1100 crore whereas advances grew more than Rs 650 crore in the said financial year”, he said.
Ramola further said, “We are hoping that at the end of the current financial year, the net profit of the bank would be doubled from current Rs 9 crore (2022-23) profit. We are also looking forward to extending our branch network and waiting for the green signal from the sanctioning authority. At present the bank has a network of 40 branches”.
“Perhaps, our bank is the only bank in the state which has not invested any money in the share market and is focusing on disbursing loans to more and more borrowers. The goal of the Cooperative is to help the needy and not to make money by investing in other companies which are not a part of cooperative”, Ramola asserted.
During the meeting, the cooperative minister Rawat also inaugurated the newly constructed auditorium at the bank premises.
Recently, the bank drew the media attention when it gave relief to the dependents of 3405 deceased defaulters. They owe the principal loan of Rs 5.21 crore to the bank, while interest of Rs 3.19 crore is outstanding. Under the OTS scheme for the relatives of such people, the interest of 3.19 crores has been waived off.
The meeting was attended by the bank’s Vice-Chairman Vinod Singh Rawat, Sona Sajwan, Vinod Suyal and many others.
