The cooperative movement in Delhi is perceived to be weak but still there are many urban cooperative banks and thrift and credit co-op societies which are doing wonders in catering to the needs of society in all the best possible ways. Janata Cooperative Bank is one of them.
In this direction, Janata Cooperative Bank, one of the UCBs whose area of operation is Delhi, has organized its AGM and on the occasion the bank released its financial figures for the year 2020-21.
The bank succeeded in increasing its total deposits from Rs 171.70 crore in 2019-20 to Rs 175.91 crore in the 2020-21 FY but because of Covid-19 reasons, the advances of the bank slightly decreased. The advances of the bank decreased from Rs 100 crore to Rs 90 crore, registering a shortfall of Rs 10 crore. Despite this the bank has announced an 18 percent dividend to its shareholders.
As of 31st March 2021, the bank’s business mix stood at Rs 265 crore. “Due to Covid-19, we failed to disburse the targeted loans but in this financial year, we are focusing on the priority sector and hope that the gap will be filled. With the support of management, we are working hard to take the bank to newer heights”, said P S Pathania, MD of the UCB to Indian Cooperative correspondent.
Besides, the share capital of the Bank stood at Rs 4.92 crore. The reserves increased from Rs 14.62 crore to Rs 16.51 crore in the 2020-21 FY. In the Covid times, our bank has reduced the interest rates on all loans and is also making new plans to increase the business which is affected due to the coronavirus, he said.
The CRAR of the bank is 18.47%, Net NPA 1.47%, CD Ratio 51.34% as of 31.03.2021.
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 bank is ahead in the field of technology and also focusing on building mobile apps to compete with other players in the market.
It bears recall 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.