The financial year 2019-20 for Pune based Janaseva Sahakari Bank Pune was fairly good as its total business and performance on other parameters were impressive. The total business of the bank increased from Rs 3100 crore in 2018-19 to Rs 3,227 crore in the 2019-20 FY.
The deposits of the bank grew from Rs 2000 crore to Rs 2060 crore whereas the total advances of the bank as on 31st March 2020 stood at Rs 1,167 crore. Earlier i.e. in 2018-19 it was Rs 1,129 crore.
Since the bank’s Chairman Pradeep Jagtap is indisposed with covid 19, Indian Cooperative could not get his comment on the financial report.
As per the report, the bank earned a net profit of Rs 8.23 crore and the Net NPA levels stood at 6.81 percent. The reserves of the bank increased from Rs 128 crore to Rs 144 crore. The CRAR was 15.31 percent as on 31st March 2020.
The bank provided all needed support to those who were badly affected by Covid-19. For mitigating their difficulties, the bank came forward with some new schemes like the ‘Unnati’ Scheme offering them loans up to Rs 50,000/-.
Besides, the bank recovered an amount of Rs 11.91 crore till 15th Feb, 2021 in write off accounts. The bank has recently organized its 48th Annual General Meeting at the Lokshahir Annabhau Sathe Natyaghruh, Pune.
Janaseva Sah Bank has always been demanding that the cooperative Banks should not be forced to pay income tax as their motto is not to earn profit but to cater to the needs of society.
“Every year our bank is paying about 6-8 crore as Income Tax and over the last nine years we have paid at least 50 crore. It is true that we are earning profit but we are working for the betterment of the people at the grassroots level without being governed by any profit motive”, Jagtap had earlier told Indian Cooperative.
During the interview Jagtap had revealed that the bank experienced many ups and downs but did not flinch from its determination to grow financially and finally acquire the Multi-State Scheduled Status.
Maharashtra based bank was established on 24th October 1972 under the leadership of late Mama Sahib Hazare with the initial paid up capital of Rs 56 thousand.