Uttarakhand-based Kurmanchal Nagar Sahakari Bank has performed well on almost all the financial parameters in 2021-22 and its business mix has gone beyond Rs 3500 crore, announced its Chairman Vinay Shah during an informal communication with journalists.
The Chairman on the occasion revealed that the bank has now started giving monthly interest to its depositors on their saving accounts instead of half-yearly with effect from 1st April 2022.
According to the unaudited figures shared by the Chairman “The deposits of the bank grew from Rs 2,060 crore in 2020-21 to Rs 2,206 crore whereas loans and advances rose from Rs 1,170 crore to Rs 1,309 crore”.
“As of 31st March 2022, the bank’s gross NPA and Net NPA stood at 2.60 and Zero respectively. Besides, the bank earned a profit of Rs 21 crore, which registered a growth of 30 percent. Earlier, i.e. in 2020-21, it was Rs 15.30 crore”, Shah informed.
The bank is further aiming to cross the business mix of more than Rs 5,000 by 2028. On the occasion, the bank’s Chairman expressed his thanks to the Vice-Chairman, Directors, CEO, officials, staff, and shareholders of the bank for their kind support and cooperation extended during this financial year for achieving overall progress of the bank.
Meanwhile, the bank is also making continuous progress in the field of digitalization. In this connection, the bank is providing the e-lobby facility to its customers. The bank has a network of 41 branches in the state, he added.
The performance of the bank becomes all the more impressive due to the fact that the Kurmanchal Nagar Sahakari bank is doing well in areas where the co-op movement is not as strong as it is in Maharashtra or Gujarat.
Late Shri Madan Lal Shah founded the Kurmanchal Nagar Sahkari Bank Ltd. in Uttarakhand. The KNSB is presently one of the top state sahakari banks in the state.