Delhi based Janata Cooperative Bank is eying to achieve a business mix of more than Rs 300 crore at the end of the current financial year and will apply for Internet Banking in the near future.
The bank’s Managing Director P S Pathania revealed this in an informal communication with the Indian Cooperative correspondent. “Though, at present our business mix is more than Rs 270 crore, we are making efforts to touch the figure of Rs 300 crore. We hope that we will achieve it”, he added.
Sharing the financial figures, he said, “Our deposits grew from Rs 175.91 crore (2020-21) to Rs 177.14 crore as of 31st March 2022. The advances stood at Rs 89.37 crore. The bank earned a net profit of Rs 1.16 crore in the 2021-22 FY”.
“For the last many years, our bank has continuously given an 18 percent dividend to its shareholders. During the 2021-22 FY, the bank CRAR stood at 19.06 percent, Net NPA at 2.19 percent and CD Ratio at 50.45 percent”, he underlined.
In a bid to compete with other players in the market, the bank recently launched its Mobile application, which is becoming a big hit among the customers associated with it, Pathania said.
Pathania further asserted that the UCB has a branch network of 5 along with one extension counter at Hazrat Nizamuddin (East), New Delhi. “We are also planning to open more branches to attract more and more customers in the coming days.
The good thing about this bank is that out of five branches, four are self-owned and one i.e. at Naraina is on rent.
The cooperative movement in Delhi is perceived to be weak but there are UCBs and thrift and credit co-op societies that are doing a good job in catering to the needs of society in all possible ways. Janata Cooperative Bank is one of them.
It bears recalling that recently Janata Cooperative Bank bagged the Brahm Prakash Memorial Award 2019 in a function organized by Delhi State Cooperative Union.
The Janata Co-operative Bank Ltd. was established on 12th June 1956.