In 2021, scores of cooperative banks and co-operative credit societies across the country performed well despite Covid-19 and a majority of them took the historic step to woo their customers and increase their business.
However, many urban cooperative banks faced many challenges during the year and saw many ups and downs in their business due to Covid-19. Co-operative Banks also bagged many awards from different institutions for their spectacular performance.
During the year, the depositors of scam-ridden cooperative banks like PMC Bank and credit cooperative societies Adarsh Credit Cooperative Society failed to get any relief and are still going from pillar to post to get their hard-earned money back. More than 50 cooperative banks were fined by the RBI for violating norms.
The year was satisfactory for some State Cooperative Banks and District Central Cooperative Banks. Some DCCBs of Maharashtra and other states including Uttar Pradesh, Karnataka elected the new teams and pledged to take banks to newer heights. Apart from this, Cooperative Banks also contributed to the CM Relief Funds during the second wave of Covid-19 and set up oxygen plants at the time of crisis later this year.
If the first largest Urban Cooperative Bank of India-Saraswat Bank had been adjudged yet again one of the top 10 banks in India as per the Forbes third edition of ‘World’s Best Banks’ then the 2nd largest urban cooperative bank of India Cosmos Cooperative Bank was awarded the prestigious Super Trophy 2021.
Though, the third-largest UCB- Abhyudaya Cooperative Bank failed to perform well on several financial parameters in the 2020-21 FY. The MSC Bank earned a net profit of Rs 325 crore in the 2019-2020 FY, the highest ever in the history of the bank.
Due to Covid-19, the New India Cooperative Bank incurred a net loss to the tune of Rs 6.14 crore in the 2020-21 FY. Kaijs Bank was awarded the ‘Navarashtra Co-operative Awards 2021’ as the Best Co-operative Bank in Rural Maharashtra.
The year was lucky for Maharashtra-based Kamal Nagari Sahakari Patsanstha as its business crossed to more than Rs 400 crore. Similarly, the foundation stone of G S Mahanagar Bank’s new office was laid by Maharashtra Deputy CM Ajit Pawar. The Bombay Mercantile Cooperative launched the Mobile Apps.
Adarsha Nagari Sahakari Patsanstha launched a QR code facility for making payment easier for its users recently.