Review of the Financial Status of the Bank
Bank's Share Capital and Membership
On March 31, 2023, the total membership of the bank was 2505 and the share capital was ₹502.68 lakh. At the end of March 31, 2024, the membership of the bank was 2559 and the share capital was ₹588.93 lakh.
Bank deposits
There is a conspicuous growth in bank deposits. In the year 2023, the bank's deposits were ₹19874.42 lakh rupees. It has grown to ₹24816.29 lakhs in the financial year 2024. All these deposits are secured with DICGC insurance. Because of this, we have full faith that such cooperation will continue to be in the future. Looking at the growth in deposits, we will be successful in providing better and prompt service.
Bank loans
The basic objective of the bank is to upgrade the financial needs of the needy members and for this, the bank has enabled the members to financing different types of loans for their business and enable them financially. Also, the dream of own housekeeping has been realized through family loans and family support is provided. In the report year, the bank has reduced interest rates on loans. The progress made in the bank's debt distribution is progress. The Reserve bank's demonstrations are given to 57% of the total debt on priority sector and 27% for the rare item. Total debt distribution is estimated at ₹17148.62 lakhs. The ratio of bank's loan and deposit C. D. ratio to 70% is the Reserve Bank's policy of getting more credit available to the members prior to banking and recognizing the needs of the customers. Loan facility is provided for Professional Loans, Doctors, Engineers, Lawyers, CA along with various loan schemes in the bank. The bank has introduced Gold Loan Scheme for hundreds of smallest interest rates. Even though farmers should take advantage of this.
Working Capital
On March 31, 2023, the working capital of the bank was ₹27075.24 lakhs and on March 31, 2024 it was ₹21143.76 lakh.
Net Profit
On 31 March 2023, the bank's net profit was ₹428.46 lakhs. And the net profit of the bank was ₹502.18 lakhs on March 31, 2024.
Investment
Secure investment is also an important option for earning income in banking business. According to the B.R. Act, Bank has made necessary investments as per the Circular of the Bank. At the end of March 31, 2024, the bank has invested ₹9107.51 lakhs. In such investment the government has invested in Fixed Deposits at State Bank Of India, Bank of Maharashtra, Maharashtra Rajya Sahakari Bank, Uco Bank, Axis Bank.
Director's Board Meeting
The Board of Directors is cautious in enhancing efficiency by keeping a competitive approach. During the year, 13 meetings of the Board of Directors were held and 24 of the loan sub-committee, 8 of the 10 audit committees of the audit committee were held, and all the decisions were taken in the meeting. In accordance with the policy of Bank and Co-operative Department, the Board of Directors is participating in banking related workshops for various organizations to determine the future course of action and direction.
Recovery and Outstanding
Bank transactions are in progress and debt distribution is also on a large scale. Some accounts are NPA. The gross NPA of the bank is 2.06%, so the net NPA is 0%. The member who is financed by the bank's debts is requested to pay the outstanding amount to the bank as soon as possible. Also, the borrower should pay their monthly installment on time so that their accounts will not be NPA. Bank is all of us. So we all should cooperate so that the borrowers will not be compelled to recover.
Audit
Bank is receiving continuous audit 'A' from the beginning of the audit. The Economic Year of 2023-24 has been audited by M/s. Dheeraj Kochar & Co., Nagpur and the audit has been received 'A' grade. Similarly the concurrent of the bank has done by M/s. Patel Jain and company, Nagpur.
Branch Expansion
The working area of the bank is Eight Districts of Vidarbha. Branches's Hinganghat, Wardha, Samudrapur, Sindi (Railway), Kangaon, Allipur, Wadner Branch are in a well Furnished building. In this Financial Year 24-25 three new branches are opened i.e. Bhadravati, Ralegaon and Mandgaon.
Electricity Bill Acceptance Facility
Considering the customer's requirement, electricity Bill Acceptance Facility is available in Samudrapur, Kangaon, Allipur and Wadner branch. Therefore, there are facilities for citizens of this area.
SMS Banking Facility
In all the branches of the bank, the account holder receives information about their account transactions by SMS on their registered mobile number. To take benefit of the facility mentioned above, the account holder should register their mobile number in their bank account.
Social Contributions
The Bank has provided financial assistance to economically weak students. It also helped to do the operation of the Heart.
ATM Facility
Bank has started ATM service at Hinganghat for customer service. Attempts are being made to start ATM services in the remaining branches of the bank in the year 2024-2025. We are on POS and Ecommerce services.
Mobile App and e-Statement Facility
Bank launches Mobile App for customer convenience and customers can get information on account transit and so on. Also, if the customer e-mails to the bank, they are sent to the free account surveillance e-mail.
Profit & Tax For The Year
According to Section 65 (1) of the Maharashtra Co-operative Societies Act 1960, the bank has declared a net profit of ₹5,02,17,772.08 till March 31, 2024. Advance tax ₹1,95,00,000 is filled by the bank.