The official inauguration of the merger of Indore Nagarik Sahakari Bank with the Maharashtra based Akola Urban Cooperative Bank took place on Monday in a glittering function organized in Madhya Pradesh.
Though the merger process was done in the month of March, it was officially inaugurated on Monday in the presence of Nafcub President Jyotindra Mehta, RBI Central Board Director Satish Marathe, Bank’s senior management and others.
Akola Urban Cooperative Bank which has a network of 29 branches in Maharashtra but with the merger of four branches of Indore Nagarik Sahakari Bank, it comes to 33.
“RBI had restricted the Indore Nagarik Sahakari Bank from disbursing the new loans as the said bank was in loss of around Rs 10 crore. But with the merger, the new loans process has been started and the bank is moving toward the right track”, said Rameshwar Fudkar, Chairman, Akola UCB.
He further added, “With the merger our Akola UCB comes in the Multi State Scheduled bank category. We will make a strategy to attract the new customers and the existing customers who left the bank due to several reasons. We will also try to build positive perception and faith on the customers” Fudkar added on the phone while talking to the Indian Cooperative correspondent.
On the day of official inauguration, we received a deposit of Rs 75 lakhs and we are hoping that the path for loans will also be opened. Akola UCB has a business mix of over Rs 2400 crore in which deposits are around Rs 1600 crore and loans and advances of Rs 790 crore, the bank’s Chairman informed, who is an Ex-Banker.
The bank had multi-state status in 2000 and since then the bank is making steady progress the credit of which goes to our members, customers, employees and well-wishers.
The Bank was started with a small capital of Rs.1.13 lacs which now stands at Rs.51.26 crores. In terms of size of business, the bank is the largest in the area of Vidarbha, Marathwada & Khandesh. The bank has declared profit continuously for the last 25 years, the Chairman underlined.
After its merger with Akola Urban Cooperative Bank, Nagrik Sahakari Bank of Indore, MP will be known as a multi-state scheduled bank. The bank has been in existence for the past five decades in the city.
Jyotindra Mehta, president, National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB) who was the chief guest of the programme said after the merger, the bank would grow by leaps and bounds.
