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Cooperative bank makes record turnaround
Staff Reporter DIMAPUR, JAN 18 (NPN):
Published on 19 Jan. 2011 12:42 AM IST
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In an interesting turnover for Nagaland State Cooperative Bank (NSCB), the bank’s net profit ending March 31, 2010 totaled a whooping Rs.50.58 lakhs, a year after it suffered a loss of Rs.1303.71 ending of March 31, 2009.
The state government sponsored and financed bank reported a total business of Rs.35,004.69 lakhs from its 22 branches as on March 31, 2010 while its total investments till March 21, 2010 stood at Rs.20607.77 lakhs.
Deposits in the bank were shown at Rs.28,111.88 lakhs as on March 31, 2010, with borrowings reported at Rs.515.47 lakhs.
The only negative impact has been the increase in loss aggregate of Rs.56.26 lakhs from seven branches upped from Rs.41.65 lakhs as of last year, and the total accumulated losses till March 31, 2010 stood at Rs.4470.83 lakhs.
The information came to light at the 41st annual general meeting of NSCB held at Dimapur Tuesday.
Elaborating various measures introduced by the bank, MD NSCB B. K. Thadani, who read out the annual report of directors on behalf of the chairman NSCB & finance commissioner Toshi Aier, informed that the bank has accomplished 100 percent financial inclusion of Angami inhabited areas under Kohima district.
Other measures included introducing ‘No Frills Account’ with relaxed KYC norms and issuance of KCC and micro credit through village councils, VDBs and SHGs. He also disclosed that the bank would be introducing ATM, mobile banking and bio-metric smart card facilities during 2011-12.
On deployment of funds, the MD said the annual credit disbursal for 2009-10 was pegged at Rs.3383.12 lakhs, a slight reduction from Rs.3508.28 lakhs as of last year. The credit disbursal includes kharif and rabi crop loans, KCC, SSI units MT loans to SHGs etc.
Meanwhile, the meeting passed an estimated budget of Rs.3911.16 lakhs with a projected expenditure of Rs.3836.02 lakhs.
RCS T. Imkonglemla Longkumer was appointed by the house to elect members for board of directors from Dimapur, Longleng and Tuensang since no nominations were received.
However, for Peren district, N Thangkambo was inducted into the board of directors.

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