Doing well in the last fiscal, the Telangana State Cooperative Apex Bank has raised its profit by more than Rs 15 crore. While it was Rs 51 crore last year, this time the gross profit has gone up to Rs 67 crore.
The Co-op Bank has set a business target of Rs 16,000 crore for the financial year 2021-22 as its business turnover rose to Rs 13,300 crore from that of Rs 12,000 crore, reports Telangana Today.
There are nine District Cooperative Central Banks in the state and the apex bank itself has about 42 branches. The apex bank keeps holding review meetings and gives targets to the co-op banks for further growth.
Incidentally, TSCAB chairman Konduru Ravinder Rao is the chairman of the apex body of co-op banks in the country, NAFSCOB.