Thursday, September 23, 2021

NSCB makes overall 17.43% growth in business

Dimapur, January 31: Nagaland State Co-operative Bank has cut down the accumulated loss of the bank to Rs 2040.89 lakhs as on March 31, 2018 and has made an overall growth of 17.43% in the business of the bank in the last financial year besides attaining 16.11% CRAR, one of the highest among the co-operative banks in the northeast India. The bank had a negative CRAR in the year 2013 (-1.05%).
The figures were revealed during the 49th Annual General Meeting of the share holders of the bank here at NStCB conference hall H.O. Dimapur.
Reading out the annual report of the directors for the year 2017-18, Vice Chairman of the bank Kekhwengulo Lea said that the bank registered increase deposits of 17.11%, mobilizing 6.34% of the total deposits in the state.
The bank’s share of loans and advances in the state of Nagaland was 10.48% as on 31 March 2018, he said.
He also revealed that the increase in deposits during the period is mainly due to government deposits and the main contributor branches towards the increased deposits are Kohima (main), Dimapur (main), PR Hill Kohima, Tuensang and Mokokchung which together contributed 51.21% of the total deposits.
The ratio of the Gross NPA of the state-owned banks, however, has increased to 13.41% in March 2018 from 9.94% in March 2017. He but maintained that wirh government, RBI and banks taking appropriate actions for speedy recovery of the loans, it is expected that FY 2018-19 will see a drastic reduaction in NPA.
KC Biswas, AGM NABARD in his brief address said that the bank has been able to achieve the profit target and the bank’s performance has reached its peak, though there are measures to be taken to bring NPA under 5%.
He said that actions should be taken to see that in the days to come at least one member of each family should have an account with the bank and NABARD will help the bank in every way possible. He also said that financial inclusion programme should be undertaken in educational institutions.
During the meeting, Board of Director for the district of Tuensang, Y. Changsang, was also elected and awards were given to nine best performing branches under three different categories as well as three societies.
(Page News Service)