Page 23 - Banking Finance MAY 2017

CO-OPERATIVE BANK NEWS

CO-OPERATIVE BANK

NEWS
NEWS
NEWS
NEWS
NEWS

TJSB Sahakari Bank Saraswat Bank to digitize fair price shops, put up mi-

crosses Rs 100 crore cro ATMs
mark again Maharashtra Govt has asked for help from Saraswat Bank to digitize fair price
shops across the state. Saraswat Bank as well as
others such as Axis Bank, IDFC etc - enlisted for
the job would put up micro ATMs which would act
as mobile banks where individuals will be able to
open an account, deposit, withdraw or transfer funds, reports a news outlet.
Achieving a net profit of more than
Rs 100 crore, Thane based UCB TJSB The Maharashtra govt has mandated the Saraswat Bank to cover 10 districts in
Sahakari Bank yet again scored a hat all. At the time of demonetization, the government had announced that it would
trick in the financial year 2016-17. equip all 5.58 lakh ration shops for cashless transactions. Micro ATMs placed at
kirana shops, chemists and panchayat offices would enable a range of banking
The TJSB Bank earned a net profit of transactions and Direct Benefit Transfers (DBT) for customers of all banks.
Rs 102 crore in the financial year
Being one of the few urban cooperative banks which supported the demoneti-
2016-17. Deposits have gone up from
zation bid of the govt, Saraswat Bank plunged itself headlong into digitalization
Rs 8122 crore to Rs 9351 crore with
in the aftermath of demonetization.
a growth of 15.13%. In the same
time period, its disbursed loan KDCCB to offer loans at lower rate of interest
amount has gone up from Rs 4757
crore to Rs 5000 crore with a 5.10% The Kolhapur District Central Cooperative Bank (KDCCB) has decided to offer
increase compared to the last year. loans at a lower interest rate to farmers for buying
smartphones to promote cashless transactions post
The business mix of TJSB has wit- demonetisation. "Loans will be offered to farmers
nessed 11.42% growth in FY 16-17 at 8% interest to farmers as a first step in promot-
despite bleak economic outlook, de- ing online banking. We are in the process of an
monetization and global events cast- agreement with a private mobile manufacturer to
ing a shadow over the bank's pros- provide such mobile phones to the farming community," Pratap Chavan, the CEO
pects. The Capital Adequacy Ratio of the bank told.
increased from 13.34% to 13.82% for
the FY 2016-2017. The Gross Non Chavan said that around 4.5 lakh farmers are tied up with the KDCCB in one way
Performing Assets (NPA) stood at or the other and that the smartphone move will help promote the cashless mode
4.69% while the Net NPA remains at of transactions in a big way. "These banks should organise awareness campaigns
0.20%, the Bank said in a release. for farmers at branch levels about online banking. At least one person from every
farmer's family should be made familiar with online transactions," an official said.

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