Vidyadhar Anaskar led Maharashtra State Cooperative (MSC) Bank has earned a net profit of Rs 369 crore in the 2020-2021 FY, the highest ever in the history of the bank. Besides, the bank registered growth on all the financial parameters.
Due to Covid-19, however, there is a slight increase in the Net NPA levels but yet it is below the industry standard. The bank Net NPA grew from 0 percent to 1.20 percent which is below the industry standard of maximum 5 percent, claimed Anaskar.
The unaudited financial figures were revealed on Thursday in a press conference organized at the MSC Bank headquarters at Mumbai. Jubilant Vidyadhar Anaskar, Chairman of Administrative board of MSC Bank said, “MSCB has broken many records for the FY ending on 31st March, 2021. The Bank’s total business rose from Rs 41,666 crore to 43,603 crore in the 2020-21 FY”.
Anaskar further added that the loans and advances increased from Rs 20,817 crore to Rs 23,295 crore. There is a slight decrease in deposits due to the excess funds during the year as the bank kept a low rate of interest on deposits. The deposits decreased from Rs 20,849 crore to Rs 20,308 crore in the 2020-2021 FY.
The Bank has maintained a CRAR of 14.34%. Return on Equity is 13.66%. As on 31st March, 2020, business per employee was Rs 43 crore which substantially increased to Rs 52 crore as on 31st March, 2021, Anaskar underlined.
The Bank has been continuously achieving “Audit Class -A” for the last 8 years. For the last 7 years the Bank has been paying 10% Dividend to its members. Also, the Bank is contributing a donation of Rs 5 crore to “the Chief Minister Relief Fund” every year.
“As per the order of Reserve Bank of India, Administrators were appointed on the then troubled Maharashtra State Co-operative Bank, in 2011. It is an undeniable truth that the Bank’s present strong financials are due to the fact that all the administrators since then have managed the Bank on commercial principles and therefore I express my sincere gratitude & congratulate all the past administrators and Staff of the Bank”, Anaskar said giving credit to his predecessors.
Later on, the bank sent the press note which reads, “MSC Bank has not limited its operations to District Banks or Sugar Factories but has received good response for various policies implemented for Urban Banks, Credit Societies, Housing Societies and all other Co-operative Societies”.
In addition, MSC Bank has provided a separate platform for Urban Co-operative Banks in the State to buy / sell Government Securities. Bank also provided a portal for RTGS / NEFT transactions. Many facilities like CTS clearing were made available by the Bank to Co-operative Banks. The Bank is currently in the process of upgrading the CBS Software and providing a “Cyber Security” platform for needy Co-operative Banks, it further reads.
The bank has obtained “Authorised Dealer’s License” from Reserve Bank of India for Foreign Exchange Business and accordingly provides its customers and many Urban Co-operative Banks and to their customers foreign exchange as well as export and import credit limits.
The banks across the country have reduced the interest rates on deposits. However, the MSC Bank has decided to offer one per cent higher interest rate on senior citizens deposits even in the backdrop of the COVID-19 pandemic. This would definitely bring some relief to senior citizens.