J’Khand State Co-operative Bank to increase loan approval for new FY
More than the previous financial year, Jharkhand State Co-operative Bank (JSCB) will increase loan approval around 40% through its more than 100 branches spread across the State.
JSCB Chief Executive Officer, Vijay Kumar Chaudhary said that the bank began its journey as state co-operative bank in 2017 and presently the bank has a total of 105 branches all over the state. “The bank is planning to add maximum number of ‘Bank Mitra’ by giving them training to access remote areas for providing its banking facilities to customers living in remote areas. The bank will empower Large Area Multi-Purpose Cooperative Societies (LAMPS) and Primary Agriculture Cooperative Societies (PACS) and the bank will provide various kinds of loans to LAMPS and PACS so that the farmers can get attracted in large numbers towards LAMPS and PACS,” he added.
“The bank will sign MoU with other institutions to provide various services to its customers related to banking and co-operative. It will provide loans to LAMPS and PACS on relatively lower interest rates for their better functioning, as a total of 4,383 LAMPS and PACS are existing in Jharkhand. The bank will provide loans and it will get re finance facility from National Bank for Agriculture and Rural Development (NABARD),” said Chaudhary.
Stating the bank’s achievement of record profit of Rs 0.5130 crore in financial year 2018-19 and Rs 0.4672 crore in financial year 2017-18, JSCB Board president Abhaykant Prasad said, “Capital to Risk Asset Ratio (CRAR) of the bank is 10.16 per cent in financial year 2018-19 where it was 9.90 in financial year 2017-18. The bank has immovable property at 44 different places. JSCB is fully supporting the state government to successfully complete its numerous ambitious schemes.”
“Six financial literacy centers of the bank are providing training in the field of financial products to common men. The bank has 31 Automated Teller Machine at different places of the State. Recently the bank has signed MoU with insurance giant to provide insurance services in the State,” He added.