Uttarakhand based Tehri District Central Cooperative Bank organized its 62nd Annual General Meeting last week in its headquarters where it was announced that the bank earned a net profit of Rs 6.51 crore in the 2019-20 financial year.
Earlier in 2018-19 FY it was Rs 5.09 crore. Besides, the bank business grew in the 2019-20 FY and it increased to Rs 1,350 crore including Rs 880 deposits and Rs 446 loans and advances.
Soon after the AGM, talking to Indian Cooperative the bank’s Chairman Subhash Ramola said, “We have performed well on all the financial parameters and now our main goal is to control the NPA of the bank.”
Interestingly, the staff-members of the bank are going door to door seeking the dues. “our team is campaigning in different villages of the district and asking villagers to clear the outstanding dues”, said the Chairman.
“In my tenure we have not disbursed any bogus loans. The loans against the norms were distributed in the Congress regime. But now our bank is taking strict action against the defaulters”, said Ramola accusing Congress for the ills.
The bank total NPA is about Rs 63 crore but it has recovered Rs 21.30 crore and it hopes to be able to recover all the amount in near future, claimed the Chairman. On the occasion of the AGM, five branch managers were honored by the Board.
Besides, the bank has also given the interest free loans to the farmers worth Rs 17 crore to over 1900 beneficiaries. Our bank is actively following the instructions of Cooperative Minister Dhan Singh Rawat to give loans to farmers and self-employed women groups. We are working with commitment to implement government schemes”, he informed over the phone.
Over 350 delegates graced the occasion. Tehri DCCB has a network of 35 branches. The Net NPA of the bank is 8 percent and Gross NPA is 14 percent but the bank is making a strategy to bring down the NPA level to less than 5 percent.