Maharashtra State Cooperative (MSC) Bank achieved the highest total business mix of Rs 57,265 crore and earned a handsome net profit of Rs 615 crore in the2023-24 FY, which was the highest ever in the history of the bank.
The Net worth of MSC Bank stood at Rs 4,560 crore as on 31st March 2024, the highest among all Co-operative Banks in the Country.
The Loans & Advances of MSC Bank stood at Rs 33,682 crore, increased by Rs.7,232 crore compared to last year. Deposits increased by Rs 4,969 crore compared to last year and stood at Rs 23,583 crore.
Due to surplus funds, the bank kept the interest rate on deposits competitive. Due to increase in deposits, the total business of the bank increased by 27% i.e. by Rs 12,201 crore and as on 31st March, 2024 reached the level of Rs 57,265 crore.
The Owned Funds of MSC Bank as on 31st March, 2024 reached the level of Rs 7,218 crore, increased by Rs 657 crore compared to last year.
According to the press release, the bank has maintained a CRAR of 16.25% as against the required CRAR of 9%. This proves that the profitability of the bank has increased. While calculating CRAR, one has to consider the disbursement of Loans and Advances. The CD ratio of the Bank stood at 81%.
“The Business per Employee has doubled in the last 5 years and reached Rs 85 crore from Rs 43 crore which has increased by 34% compared to last year. The MSC Bank was awarded “ISO 27001-2013” certificate last year and completed a surveillance audit providing security to customers’ information”, it further reads.
The bank also successfully implemented, for the first time in the Country, its own updated Cyber Security Operation Centre (C-SOC) at Vashi, Navi Mumbai. The MSC bank had succeeded in achieving highest Loans and Deposits with the help of DCC Banks, Sugar factories and other Institutions in coordination with NABARD.
As per the State Government GR dated 22 November, 2023, The MSC bank had been permitted to do the Government Banking Business on merit.
Sindhudurg DCC Bank is the first DCC Bank among DCC Banks to be affiliated with Cyber Security Operation Centre (C-SOC) of the MSC Bank. Soon other DCC banks will also affiliate to Cyber Security Operation Centre (C-SOC) of the MSC Bank, the press release said.
During FY 2023-24, 6 Institutions borrowers classified as NPA participated in “One Time Settlement Scheme- 2021” and benefited from the scheme.