Gujarat State Cooperative Agriculture & Rural Development Bank, which is popularly known as Kheti Bank, organized the 71st Annual General Meeting at Ahmedabad, Gujarat on Monday in the presence of Gujarat Governor Acharya Devvrat, Cooperation Minister Jagdish Vishwakarma, among others.
It was announced in the meeting that for the first time the Kheti Bank earned a gross profit of Rs 106 crore as on 31st March 2023 and after making necessary provisions the net profit remained to the tune of Rs 51.19 crore.
Besides, the bank announced a 15 percent dividend for its shareholders. During the year, the bank also contributed Rs 3 lakh toward the Gujarat State Cooperative Union Education Fund.
The bank is headed by Dolarbhai Kotecha, who also doubles as the chairman of National Cooperative Agriculture and Rural Development Bank’s Federation (NAFCARD).
During the year, 3612 new members were enrolled and the total number of members stands at 2,93,211 as of 31st March 2023. The share capital of the bank stood at Rs 47.07 crore.
The bank disbursed total loans of Rs 275.53 crore as of 31st March 2023. In the FY 2022-23 against the total demand of Rs 615.14 crore the total recovery of Rs 276.63 crore. Thus recovery is 44.97 percent.
In the 2022-23 FY, the amount of special debenture and Nabard loan of Rs 32.18 crore has been repaid to Nabard, Central Government and State Government. At the end of the year, the total refinance amount of Rs 91 crore continues.
Besides, 2954 overdue loans for debt relief out of them Rs 63.74 crore have been recovered and they have been given debt relief of Rs 35.63 crore.
The Net NPA remains Zero. The bank has 17 district offices and 176 branches at the taluka level. It is said that the 148 buildings owned by the bank include the premises of 16 district offices and 132 branches.
The meeting was attended by the Kheti’s bank Vice-Chairman Faljibhai Patel, Amul Chairman Shamalbhai Patel, Gujcomasol Chairman Bipin Patel (Gota), Rajya Sabha MP Narhari Amin and others.
