The multi-state Scheduled -Kaijs Bank virtually organized its 58th Annual General Meeting, in which over 3200 members registered their participation. Despite several challenges the bank has performed well on almost all the financial parameters and the total business of the bank increased from Rs 3461 crore to Rs 3640 crore in 2019-20 FY.
Talking to Indian Cooperative correspondent on the phone the bank Vice-Chairman, Chandrakant Chougule said, “We have organized our AGM through virtual mode where a large number of members were connected online. The management and other top officials sitting at the bank premises held the proceedings. In adverse market conditions, our bank has performed well except earning substantial profit because we had to make provisions”, he added.
“The total deposits of the bank increased from Rs 2,081 crore to Rs 2,214 crore as on 31st March 2020 registering a growth of 6.42 percent. The loans and Advances rose from Rs 1,380 crore to Rs 1,425 crore registering a growth of 3.27 percent. During this year, the bank could not increase the credit portfolio upto the expected level due to the COVID-19 pandemic, flood, lack of new business constitution and development as well as inflation etc”, Chougule added.
He further said, the bank has earned total income of Rs. 226.30 cr and incurred total expenditure of Rs 218.59 cr with gross profit of Rs 15.94 cr during this year. After making necessary provisions of Rs 8.23 cr, the bank has declared net profit of Rs 7.71 cr. Earlier the gross profit was Rs 24.27 crore and Net profit was Rs 10.67 cr.
Chougule demanded, among other things, a change in the applicable NPA norm from present 90 days to 180 days for the 2020-21 financial year.
The bank has been in operation in Maharashtra State with 40 branches and in Karnataka 4 branches in operation. On-site ATMS & 3 Off-site ATMs are functioning well with the bank offering the latest technology to its customers as provided by the Commercial & Nationalized banks.