Lucknow based apex bank Uttar Pradesh State Cooperative Bank (UPCBL) which used to be in the news for illegal recruitment, has registered growth on all the financial parameters in the 2019-20 financial year. The bank crossed the total business of Rs 15k crore.
Sensing its spectacular performance, the state co-op minister Mukut Bihari Verma visited its headquarters on Thursday where he distributed warm clothes to the needy.
From earning profit to increasing its deposit base to disbursing loan to controlling NPA, the bank has shown a remarkable performance. While other co-operative banks are grappling with the problem of NPA due to Covid-19, UPCBL has once again been able to maintain the tradition of Zero Net NPA.
Talking to Indian Cooperative the bank’s Managing Director Bhupendra Vishnoi said, “With no impact of Covid-19 on our business, we were able to perform better in the 2019-20 FY with the support of our members and management.”
“Our deposit base increased from Rs 5,940 crore to Rs 7,379 crore whereas loans and advances rose from Rs 6,254 crore to Rs 8,115 crore as on 31st March 2020″, added Vishnoi.
“The total business of the bank spiked from Rs 12,194 crore to Rs 15,494 crore. Besides, this year again we are able to maintain the Net NPA at Zero percent and Gross NPA decreased from 7.98 percent to 5.94 percent”, he said.
“In the 2019-20 financial year, through the OTS scheme we were able to recover the big loans from Uttar Pradesh government and Kesar Chini Mill”, Vishnoi said on the phone.
Highlighting future goals and targets to take the bank to newer heights, he said, “We have asked RBI to give the permission of Internet Banking and we hope that we will receive it in the next month. Besides, we are in the process to deploy business correspondents in the 7,479 PACCs of the state for which the UP government has sanctioned around Rs 27 crore”, he asserted.
Our bank has earned a net profit of Rs 43.28 crore and earlier it was Rs 42.01 crore. The Reserve Fund increased from Rs 578.72 crore to Rs 624.14 crore. The bank is having 27 branches across the state, he said.
Besides, the bank is planning to organize its 60th Annual General Meeting in the first week of February after the permission of RBI.