Maharashtra-based Jijau Commercial Cooperative Bank recently held its 24th Annual General Meeting (AGM), during which the bank set an ambitious goal to achieve a business mix of over Rs 1000 crores in the coming year.
The key strategies for reaching this target include increasing CASA deposits, offering employment-focused loans for youth and promoting the concept of “Home-based Industry.”
At present, the bank’s deposits stand at Rs 396.63 crores, with loans amounting to Rs 269.31 crores and share capital at Rs 14.46 crores. Additionally, the Capital Adequacy Ratio (CRAR) remains strong at 15.84%, while net non-performing assets (NPA) are maintained below 3%, adhering to the Reserve Bank of India’s (RBI) guidelines.
Addressing the AGM, Chairman Engineer Avinash Kothale highlighted the bank’s leadership in Vidarbha’s urban cooperative banking sector, particularly among banks established post-2000 in Amravati and Vidarbha. He noted that Jijau Bank has emerged as a financially robust institution, ranking first in the region.
Kothale also informed members about the successful election held on 31st December 2023, with the newly appointed board assuming duties in January 2024. He expressed gratitude for the trust placed in the board by the shareholders.
While discussing the challenges facing urban cooperative banks, Kothale pointed out the difficulty of balancing higher interest rate demands from depositors and lower interest expectations from borrowers. Despite these hurdles, the bank declared a 10% dividend this year, maintaining its history of distributing 10-15% dividends since its founding.
Kothale urged loan defaulters to regularize their repayments, cautioning that the bank may resort to measures under the SARFAESI Act and Section 101 of the Maharashtra Cooperative Societies Act if necessary.
The AGM witnessed the participation of over 700 shareholder members. Senior members such as Harivijay Vidhale and Prakash Reddy were honored, along with former directors and members of the management committee, for their valuable contributions to the bank.
The meeting concluded with a vote of thanks delivered by Director Dr. Pallavi Barabde, followed by the national anthem.
