The leading bank of Maharashtra-Satara District Central Cooperative Bank, which recently got the best performing bank award from Union Home and Cooperation Minister Amit Shah crossed the business mix of Rs 14,200 crore in the 2021-22 financial year. The bank earned a net profit of Rs 67 crore in the fiscal.
The bank, which is headed by NCP leader Nitin Patil, has performed well on all the financial parameters. The deposits of the bank grew from Rs 8,577 crore to Rs 9,122 crore whereas loans and advances decreased from Rs 5,562 crore to Rs 5112 crore in the 2021-22 financial year”,
The figures were shared during the bank’s Annual General Meeting held on Saturday last week. Prior to the AGM, talking to Indian Cooperative the bank’s CEO Rajendra Sarkale said, “This year we have also made the tradition of having Zero percent NPA. The gross NPA of the bank is 0.20 percent. We are making efforts to increase the business of the bank in the current financial year and hope that the gross profit of the bank will touch the figure of Rs 200 crore at the end of the ongoing fiscal year”, he asserted.
In a bid to increase the business of the bank, we reduced the rate of interest on several loans. The rate of interest of loans being disbursed to Sugar factories has been reduced from the existing 12-13 percent to 10 percent. The new rates have been applicable from 1st May 2022.
Besides, the CRAR of the bank as of 31st March 2022 stood at 14.23 percent. The own funds and total reserves during the year were Rs 780 crore and Rs 518 crore respectively.
Over 956 PACCs are associated with the bank. out of which 913 are in profit and 43 are in loss. The net worth of the bank is 809 crore.
The bank is the economic powerhouse of the Satara District; has always engaged in the work of the socio-economic upliftment of the farmers since 1950. It has a network of 307 Branches and 12 Extension counters along with 10 Divisional Offices (as of 31st March 2021).
Satara DCCB provides services like RTGS/NEFT, ATMs, MicroATMs, Any Branch Banking, Internet Banking (View only), CTS, Mobile Banking, IMPS, UPI, APBS, NACH-CR/DR, etc.
