The story of co-op banks in the state of Uttar Pradesh has indeed been remarkable this fiscal with majority of them registering both a boost in their business as well as in their profits.
This rally is being led by the Uttar Pradesh State Cooperative Bank which has beaten all its past records in the 2023-24 FY and earned a handsome net profit of Rs 72.87 crore, receiving accolades from State Cooperation Minister JPS Rathore.
The bank’s total business crossed to more than Rs 25,000 crore and disbursed more than Rs 10,000 crore crop loans to the farmers of the state.
Lauding the efforts of the bank, the state cooperation minister JPS Rathore said, “The financial year 2023-24 was remarkable for the UP State Cooperative Bank, its business increased from Rs 21,564 crore (2022-23) to Rs 25,447 crore as on 31st March 2024, registering a growth of 18.01 percent”.
Rathore further said, “Out of 50 district cooperative banks, 44 have earned profit in the 2023-24 FY. Besides, out of the 16 newly licensed district cooperative banks, 14 banks have earned profit.
The total business of District Cooperative Banks stood at Rs 39,797.89 crore with an increase of 12.70% in the financial year 2023-24 compared to Rs 35,317.15 crore in the financial year 2022-23.
The combined total business of Uttar Pradesh Cooperative Bank and District Cooperative Banks of the state stood at Rs 65245.21 crore in 2023-24 with an increase of 14.70% compared to Rs 56881.55 crore in the last financial year 2022-23.
The UP Cooperation Minister expressed thanks and gratitude to the people of the state for maintaining trust in cooperative banks and praised the efforts of the top management and employees of Uttar Pradesh Cooperative Bank and District Cooperative Banks in taking the banks to new heights.