K M Dayashankar
DCCB to provide 8 per cent of profits as dividends to PACS
DCCB conducts its 103rd general body meeting
Bank to increase the staff strength
KARIMNAGAR, JUNE 28, 2024: Karimnagar District Cooperative Central Bank (DCCB) chairman Konduru Ravinder Rao has explained the DCCB has made strides over the years and earning profits since last seven years and winning the national awards consecutively for its allround performance.
Following the DCCB earning profits of Rs 53.89 crore during the year 2023-24, it has decided to provide 8 per cent as the dividend to all the Primary Agricultural Cooperative societies as per RBI guidelines, he stated. He informed the PACS to complete the audit reports by September 30 to avail rebate under section 80(b).
Expressing concern over the stoppage of Alternate Investment Funds (AIF) scheme by NABARD, he assured to pursue the issue with the authorities concerned for the benefit of PACS to get loans at low interest rates.
Participating at the DCC’s 103rd general body meeting at its main office in Karimnagar town on Friday, Mr Ravinder Rao said that the bank was having a share capital of only Rs 38.11 crore and running in losses when he took over the reins of the bank as chairman in the year 2005. Now in the financial year 2023-24, the bank was having share capital of Rs 188.69 crore, reserves increased from Rs 36.28 crore in 2005 to Rs375.70 crore in 2023-24, the deposits increased from Rs 105.51 crore to Rs 2528.91 crore.
Loans and Advances increased from Rs 297.28 crore to Rs 3971.96 crore, he said and from the losses to the tune of Rs 57.92 crore the bank had earned a profit of Rs 53.89 crore during the last financial year. The gross NPA was 10.01 per cent in 2005 and now it was 0.73 per cent and net NPA was zero percent. The per employee business had increased from Rs 1.87 crore in 2005 to Rs12.10 crore in 2023-24 and per branch business had increased from Rs 13.89 crore in 2005 to Rs 91.56 crore.
Mr Ravinder Rao reminded that he had accorded priority for the strengthening of PACS after assuming charge in 2005. In order to strengthen the PACS, he had introduced selling of fertilizers to the farmers through PACS and later the procurement of paddy from the farmers. He said that he had taken all measures for the conversion of all bulk consumer outlets into retail petrol filling stations by representing the issue with Union Minister for Cooperation Amit Shah.
CEO N Satyanarayana Rao read out annual report of the bank. On this occasion, he said that the bank staff strength would be increased as the bank had come under the ‘A’ category as per the national committee. Against the approved strength of 675 staff members, the bank was currently having only 527 staff members. As per the growth and profits of the bank, the staff strength should be 808, he said and added that the Telangana State Chief Secretary would soon approve the new staff strength to the bank. Vice chairman P Ramesh, DCMS chairman A Srikanth Reddy, Directors and others were also present.
About the Author
