The South Canara District Central Cooperative Bank (SCDCCB) has earned a profit of ₹50.08 crore during 2021-22 and this Is 48.82% more than ₹33.65 crore profit earned in 2020-2021, said SCDCC Bank president M.N. Rajendra Kumar here on Sunday.
Briefing reporters about the bank’s performance, Mr. Kumar said that in the accounting year ended on March 31, the bank did a business of ₹11,598 crore, which was 14.87% more than the business recorded in 2020-2021. The bank’s 109 branches had deposits of ₹5,649.97 crore. The total advances was ₹4,464.08 crore of which a total of ₹1,777.89 crore went to the agriculture sector.
As many as 1,031 associations are members of the bank, which has a working capital of ₹8,711 crore and shareholders capital of ₹214.27 crore.
The bank, he said, waived up to ₹1 lakh from the principal loan amount of 174 farmers who died due to COVID-19. A total of ₹1.52 crore of principal amount has been waived, Mr. Kumar said.
Among the new initiatives, Mr. Kumar said that the bank will start issuing Rupay Kisan Debit cards to all customers of Primary Agricultural Cooperative Credit Society. It will shortly launch Bank on Wheels facility in Udupi.
Under discussion
Mr. Kumar said that it was premature to comment on the proposed merger of the district cooperative banks with the apex bank. “It is still being discussed among officials and we are yet to be consulted,” he said and added that an elaborate process is followed for such merger. The process of merger of district cooperative banks with the apex bank is yet to be completed in Kerala and Jharkhand, he said.
Nandini Bank
The business of SCDCC Bank will not be affected with the start of the Nandini Ksheera Samridhi Cooperative Bank. “It (the Nandini Bank) will be an additional avenue for farmers to seek loan from,” Mr. Kumar said.
