Uttar Pradesh based Muzaffarnagar District Cooperative Bank, which has performed well despite Corona, intends to develop a few short-listed PACS as multipurpose cooperatives. Talking to Indian Cooperative, its CEO Ashok Vardhan Pathak shared the details.
The DCCB has earned a net profit to the tune of Rs 9.75 crore in the 2020-21 financial year, despite Covid-19, the profit being higher compared to the 2019-20 FY. Earlier it was Rs 7.28 crore.
The bank has performed well on almost all the financial parameters and its CEO Ashok Vardhan Pathak sees zero impact of corona on the business. Pathak also talked about new plans to take the bank to newer heights.
As on 31st March 2021, the bank deposits stood at Rs 1747 crore whereas the working capital of the bank stood at Rs 2,731 crore and the share capital of the bank has increased by 2.83 crore. A sum of Rs 814.28 crore was due till 30th June 2021. out of which Rs 751.07 crore has been recovered. The recovery rate reached 92.24 percent, said Pathak to this correspondent on the phone.
Highlighting future goals and targets the bank CEO said, we are focusing on deploying the business correspondent. These Business Correspondents will go directly to the farmers for doing business for cooperatives and will be employed on a regular salary.
“Besides, we have shortlisted the ten PACCs which will work like multipurpose societies. We will encourage them to open the Petrol Pump and the good thing is that we have received the permission of three diesel petrol pumps to be constructed at Shamli and Muzzaffarnagar districts”, he asserted.
“We are also asking the PACCs societies to construct the godowns for the farmers and for this our bank is giving loans to the societies at 1 percent rate of interest. On adopting the latest technology, the bank will soon rely on UPI and have its own IFSC Code”, Pathak informed.
At present the bank has 44 branches, out of which 34 in Muzaffarnagar and the rest in Shamli district. The Bank is also having one mobile ATM van and soon will get another also in a few days, he said.
The Muzaffarnagar District Cooperative Bank Ltd., Muzaffarnagar was established on 12th August 1927. Since its inception the bank has been rendering dynamic and dedicated services to the people for the overall economic development of the District in general and Rural Development in particular, claimed its website.