Amidst Covid-19, the news of good performance in the 2020-2021 financial year is coming from Maharashtra, where a small cooperative namely Adarsha Nagari Sahakari Patsanstha located in Alibaug town in Raigad district has performed well on all the financial parameters.
The society Chairman Suresh Patil claimed that ”there is no adverse impact of Covid-19 on the business and we have succeeded in increasing the business mix despite the lockdown for over eight months”.
Highlighting the performance of the society Patil said, “We have crossed the business mix of over Rs 350 crore in the 2020-2021 financial year. Earlier in 2019-20 our business mix was around Rs 300 cr. Besides, our deposits have increased from Rs 172 crore to Rs 207 crore whereas loan and advances rose from Rs 124 crore to Rs 143 crore in the 2020-2021 FY”, he claimed while talking to Indian Cooperative correspondent on the phone.
“Our recovery team has worked day and night to control the NPA levels. The credit goes to the staff who worked effectively to take the society to the newer heights. Besides, we are aiming to achieve a business mix of more than 450 crore till the end of the current financial year”, he asserted.
Meanwhile, the net NPA and gross NPA of society is 0 and 0.86 percent respectively and the society earned a net profit of Rs 2.75 crore in 2020-2021 FY. Earlier it was Rs 2.52 crore, Patil informed. In the 2020-2021 financial year, the society opened three branches and the society is having 12 branches across Raigad districts of Maharashtra. The society is also planning to expand its network in the current FY.
As on 31st March 2021, the CRAR stood at 9.88% and Investment made of Rs 75.12 crore. In a bid to give facility to the customers, the society has launched the mobile app in the lockdown period. Scores of customers are currently availing the facility and paying their electricity, landline, mobile bills and others through the app, Patil underlined.
The society has also contributed Rs 1.51 lakh towards the CM relief fund and 50k towards the fund created by the DM of the district”, he added.
Adarsha Nagari Sahakari Patsanstha was established in 1998 and in a short span of time the society has done well. About 10k shareholders are associated with the society.