Maharashtra based Pravara Sahakari Bank (Scheduled Bank) recently organized its Annual General Meeting and presented the financial report for 2019-20. The meeting was inaugurated by Sujay Vikhe Patil, MP, Ahmednagar, Lok Sabha.
The bank performance was not satisfactory and failed to control the NPA levels. The Net NPA of the bank rose from 14.10 percent to 16.26 percent and Gross NPA increased from 20.01 percent to 22.57 percent in the 2019-20 FY. Though there is growth in deposits, the loans and advances have declined during the year.
The deposits of the bank increased from Rs 530 crore to Rs 596 crore as on 31st March 2020 whereas loans and advances decreased from Rs 319 crore to Rs 278 crore. As compared to 2018-19, the bank registered 12.50 percent growth in 2019-20 whereas loans and advances declined to Rs 41.27 crore.
When Indian Cooperative contacted the bank’s Chairman Balasaheb Patil he did not respond to the queries raised by the correspondent and slammed the phone.
The bank has maintained the ratio of the priority sector advances by Rs 157 cr and advances to the weaker sections by Rs 36 crore which are higher than the stipulated norms laid down by RBI, the annual report of the bank claimed.
Sharing the news through social media Patil wrote, “The 46th Annual General Meeting of the Board of Directors of Pravara Sahakari Bank was held today. The meeting was organized in the backdrop of Covid-19 through video conferencing. The meeting discussed various issues related to the bank”.
However, the net profit of the bank has declined. The profit decreased from Rs 3.35 crore to Rs 1.25 crore as on 31st March 2020. The investment in government approved securities for maintaining SLR increased from Rs 149.55 crore to Rs 177.58 crore as compared to last year. There is a growth of Rs 28 crore as on 31st March 2020 as compared to last year.
The bank’s net worth is Rs 37 crore and there is a growth of Rs 48 lakh (1.30%) as compared to last audit.
