SCDCCC Bank makes profit of ₹50.08 crore

The South Canara District Central Cooperative Bank (SCDCCB) made a profit of ₹50.08 crore in 2021-22, 48.82% higher than the profit of ₹33.65 crore made in 2020-21, said on Sunday SCDCCC Bank Chairman, MN Rajendra Kumar.

Briefing reporters on the performance of the bank, Mr Kumar said that in the fiscal year ended March 31, the bank had a business of ₹11,598 crore, which was 14.87% higher than the activity recorded in 2020-2021. The bank’s 109 branches had deposits of ₹5,649.97 crore. The total advances were ₹4,464.08 crore, of which a total of ₹1,777.89 crore went to the agricultural sector.

As many as 1,031 associations are members of the bank, which has a working capital of ₹8,711 crore and a registered capital of ₹214.27 crore.

The bank, he said, waived up to ₹1 lakh of the principal loan amount from 174 farmers who died due to COVID-19. A total of ₹1.52 crore of principal amount was canceled, Mr Kumar said.

Among the new initiatives, Mr Kumar said the bank will start issuing Rupay Kisan debit cards to all customers of the Primary Agricultural Cooperative Credit Society. He will soon launch the Bank on Wheels facility in Udupi.

In discussion

Mr Kumar said it was premature to comment on the plan to merge the district cooperative banks with the apex bank. “It is still under discussion among officials and we have not yet been consulted,” he said, adding that an elaborate process was followed for such a merger. The process of merging district cooperative banks with the apex bank is not yet complete in Kerala and Jharkhand, he said.

Nandini Bank

The activity of SCDCCC Bank will not be affected by the start-up of the Nandini Ksheera Samridhi Cooperative Bank. “This (Nandini Bank) will be an additional way for farmers to apply for a loan,” Mr Kumar said.

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