Telangana-based Warangal District Cooperative Central Bank disbursed loans to the tune of Rs 368.16 crore to the new borrowers in 2020-21 recording a credit growth of 426.30%. Despite Covid-19, the bank is able to increase the client base also.
“Under the able guidance of the newly elected board and dynamic leadership of Marneni Ravinder Rao, the bank could record a credit growth of 426.30% i.e., from Rs. 86.36 crore during 2019-20 to Rs 368.16 crore during 2020-21 under the newly introduced loan portfolios”, informs a press release sent by the bank to Indian Cooperative.
It further reads that the banking clientele has increased from 11,360 to 33,867 by designing various new products keeping in view the requirements of the customers. The bank was extending credit to a limited purpose. We express sincere thanks to FCBA for recognizing our achievement and presenting us with the award for best credit growth. We will maintain the same tempo in the future.
The new products introduced have covered various requirements of the customers. The Bank introduced Housing Loans, SHG Loans, JLG Loans, Mortgage Loans, Personal Loans, Petty Trader Loans, Education Loans, Vehicle Loans, Business Loans, to mention a few, reads a press note sent by the bank CEO Ch. Chinna Rao.
Later on, talking to Indian Cooperative Rao said, “In 2020-21 FY, the bank business mix was Rs 1130 crore and earned a net profit of Rs 6.13 crore. At present the bank has a network of 27 branches and net NPA is below 4 percent”, he informed.
The area of operation of Warangal DC Bank extends to the entire erstwhile Warangal District covering an area of 12846 sq K.Ms. The bank in order to extend financial support crop loans has authorized the branch managers to sanction loans at the branch level which were hitherto sanctioned by Head Office at Hanamkonda compelling the farmers to submit loan applications at Head Office.
This has helped the farmers avoid visiting Head Office at Hanamkonda as well as made it possible for them to seek financial support at their nearest Branch, Rao underlined.
The main aim of the DCC Bank is to closely monitor the end use of the loan for the creation of assets and repayment of the loan through the income generated from the asset, the press release concludes.