The financial year had not been good for the Tamil Nadu State Cooperative Bank which not only failed to maintain its last year profit but also got it reduced by more than Rs 100 crores. Surprisingly, however, the co-op bank registered growth in its business mix portfolio.
The profit of the state co-op bank decreased from Rs 229.23 crore (2021-22) to Rs 114.78 crore as on 31st March 2023. During the 2022-23 FY, the bank’s profit reduced by more than Rs 100 crore.
Besides, the bank registered growth on advances but there is slight decline on the deposits field. The advances of the bank grew from Rs 15,352 crore (2021-22) to Rs 17,386 crore (2022-23) whereas deposits reduced from Rs 12,819 crore to Rs 12,486 crore as on 31st March 2023.
The business mix of the bank increased from Rs 28,171 crore (2021-22) to Rs 29,872 crore in the 2022-23 FY.
The Paid-up Share capital of the bank increased from Rs 530 crore (2021-22) to Rs 560 crore as on 31st March 2023. During the year, the investments of the bank stood at Rs 4,615 crore.
Meanwhile, Indian Cooperative phoned to get the response of Tamil Nadu State Cooperative Bank Managing Director Antonysamy John Peter on the balance sheet, but he was not inclined to discuss the reasons behind the fall.
It is being said, a sum of Rs 13,442 crore has been disbursed as short-term agriculture loan to around 17.44 lakh farmers during 2022-23 and it has been proposed to provide crop loans to the tune of Rs 14,000 crore and interest free cooperative loans of Rs 1500 crore from animal rearing and fisheries activities in the current financial year 2023-24.
Readers would recall that this year, RBI imposed a penalty of Rs 16 lakh on Tamil Nadu State Apex Cooperative Bank for non-compliance with the directions issued by the National Bank for Agriculture and Rural Development (NABARD) on “Review of Frauds – Guidelines on Monitoring and Reporting System”.