Co-operative bankers asked to increase volume of business

Hyderabad, Sept.22 (NSS): Chief Secretary Somesh Kumar asked the bankers to focus on innovative things in improving the financial health of the cooperative banks in Telangana.

The Chief Secretary presided over a meeting of the High-Level Committee to monitor the Health of Co-operative Credit Institutions at BRKR Bhavan here on Thursday. The functioning of the State Cooperative bank and the district cooperative banks was reviewed during the meeting.

Speaking on the occasion, the Chief Secretary said as Telangana is achieving rapid progress in all sectors, there is a huge potential for the rural cooperative institutions to increase their volume of business.

He said the total business of TSCAB was 22.8 percent more this year compared to last year and added that the total business done this year was Rs 16,276.71 crores compared to last year’s business of Rs 13,245 crores.

There has been a 25.41 percent growth in the share capital of TSCAB in the year 2021-22. Reserves have increased from Rs 556.53 crores in 2020-21 to Rs 615 Crores in 2021-22 which is a growth of 10 .64 percent. Deposits have increased from Rs 5466.41 crores in 2020-21 to Rs 6941.95 crores which is a growth of 26.99 percent, the Chief Secretary said.

He further said that borrowings increased by 15.67 percent to Rs 6261.80 Crores while investments increased by 40.27 percent to Rs 2058.52 Crores. The operating profit of the TSCAB stood at Rs 100.89 Crores as on 31-03-22 which is an increase of 69.90 percent compared to last year’s profit of Rs 59.38 Crores.

Similarly, there has been a 66.82 percent increase in the net profit which stood at Rs 77.29 Crores. Telangana also stood in the forefront in the computerization of Primary Agriculture Cooperative Societies in the country, Somesh Kumar said.

Secretary Agriculture M Raghunandan Rao, Secretary Finance T K Sridevi, CC & RCS M Veerabrahmaiah, TSCAB Chairman Konduru Ravinder Rao, TSCAB MD Nethi Muralidhar, RBI Regional Director K Nikhila, NABARD CGM Suseela Chintala, NABARD GM Y Haragopal, and other officials attended the meeting. (NSS)

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