The leading cooperative bank- the Maharashtra State Cooperative (MSC) Bank has achieved a total business of more than Rs 47k crore in the 2021-2022 financial year and earned a net profit of Rs 602 crore with ‘Zero’ percent net NPA.
The figures were shared by Vidyadhar Anaskar, Chairman of the Administrative Board of MSC Bank during the press conference held at Pune recently. “For the first time in the history of 111 years, the MSC has surpassed many records at the end of 31st March 2022. The Bank’s total business rose from Rs 43,602 crore to 47,028 crores in the 2021-22 FY”.
“The bank’s net worth is Rs 3,203 Cr. (increase by Rs 500 Cr) whereas owned Funds stand at Rs 6,000 Cr. As of 31st March 2022, the bank earned a gross profit and net profit of Rs 1,402 cr (increase by Rs 626 cr) and net profit of Rs 602 cr (increase by Rs 238 cr.) respectively. The most important thing is, the strategic decision of reduction in the number of employees resulted in an increase in per-employee Business to Rs 65 cr which was Rs 26 cr in 2018”, he added while talking with journalists.
The Bank has been continuously achieving “Audit Class – A” for the last 9 years. For the last 8 years, the bank has been paying a 10% dividend to its members. Also, the bank is contributing a Donation of Rs 5 Cr. to the “Chief Minister Relief Fund” every year.
Anaskar further added that the bank business has seen a substantial surge in business due to the adoption of policies for Urban Banks, Co-operative Credit Societies, and other Industries as well as direct finance to farmers through Maharashtra Warehouse Corporation and not limited only to District Central Banks and Sugar Factories.
Meanwhile, the Bank has decided to provide a “Cyber Operation Centre” to the Cooperative Banking Sector. The Bank has raised the interest rate on savings accounts from 0.50% to 4.00% to reach out to the general public.
Some District Central Co-operative Banks in the State are financially weak and as such are unable to provide crop loans to farmers through Primary Agricultural Credit Societies. Hence, the MSC Bank has drawn up a scheme to provide direct loans to farmers through eligible Primary Agricultural Credit Societies and the policy has been approved by NABARD recently. This will provide substantial help to farmers, he underlined.
In a bid to contribute toward social commitment, Anaskar further informed that the banks across the country have reduced the interest rates on deposits. However, the MSC Bank has decided to offer a 1% higher interest rate on senior citizens’ deposits even in the backdrop of the COVID – 19 pandemic. This would definitely bring some relief to senior citizens.
Readers would recall that recently, the MSC Bank launched the service of giving personal loans to prisoners in the state and the exercise has been started from Yerwada Jail in Pune.