Mumbai-based Jankalyan Sahakari Bank has turned the tide in FY 2024–25, achieving a historic milestone by reducing its Net NPA to zero and reporting robust financial growth. The bank has also earned an impressive gross profit of Rs 41.08 crore.
This was revealed during the bank’s 52nd AGM held on Wednesday, which witnessed enthusiastic participation from shareholders, employees, board members, and distinguished guests.
In a significant turnaround, the bank, which was earlier struggling with high levels of NPAs, has brought down its Net NPA from 13.87% in 2022–23 to zero as of 31st March 2025. At the same time, net profit jumped by 27.84%, reaching Rs 10.36 crore from Rs 8.11 crore in the previous year. The bank’s accumulated profit rose to Rs 41.08 crore, marking a 15.64% increase, while the Net Worth climbed by 22.10% to Rs 113.65 crore.
Talking to Indian Cooperative, Bank Chairman Santosh Kelkar said, “We have performed well on all financial parameters in 2024–25. Our focused recovery drive has helped us reduce Net NPA to zero. This was made possible by coordinated efforts at all branch levels and the continuous support from our shareholders and the Board.”
He added, “While we achieved success across parameters, our priority last year was recovery rather than deposit mobilization. We did not raise deposit rates but instead focused on recovering old dues, many of which had turned NPA during the COVID-19 period.”
With improved financials, the bank is now aiming to secure multi-state cooperative bank status. Instead of applying directly to the RBI, it is actively pursuing a merger with a well-performing bank in either Karnataka or Gujarat. “The due diligence process is currently underway, and we expect to finalize the best partner soon,” said Kelkar.
Despite some indicators showing minor dips, such as deposits decreasing by 2.51% to Rs 1,887.95 crore and the business mix dipping slightly by 1.06%, the overall performance was robust. The CRAR improved to 15.31% from 13.75% in the previous year. The reduction of Gross NPA from 17.43% to 8.53% also reflects improved asset quality.
On the occasion of the AGM, the bank took the opportunity to felicitate several personalities for their longstanding service and contributions. Former executive officers Satish Marathe, Narendra Behere, Pradeep Kakatkar, and Ratnakar Gavaskar were honored, along with former board members Rajesh GeVaidy, Bhavana Vaidya, Mohan Bane, and Tulsidas Deshmukh.
During the AGM, Vice Chairman Kishor Bagade highlighted various shareholder welfare initiatives introduced by the bank. Of special mention was the “FlexiCare – Cancer Critical Care Policy,” under which shareholders can avail up to Rs 10 lakh in insurance coverage at just 25% of the normal premium. He encouraged all members to benefit from this scheme.
I remember that, in the year 1988 or somewhere around that late vedprakash goyal was chairmen and mr. Satishji marathe was ceo of that bank and head office is in chembur. Very strong bank. I hope its perfect case of turnaround, i am confident that you will regain the past glory of this bank very soon.
CONGRATULATION💐, ALL THE BEST