Dear Respected Customer,
Completing 57 years of the establishment of the Bank, in the 41st Annual General Body Meeting of the Bank, first of all, on behalf of our Board of Directors and all the officers and employees of the Bank, we extend a hearty welcome and greeting to the respected representatives of the member committees of the Bank. It gives me great pleasure to present before you the 41st Annual Report of the Bank at the last General Body meeting dated 17.01.2021.
The meeting was held on 07.07.2019, in which the accounts for the year 2019-2020 were presented before you. I feel immense pleasure in presenting the annual report for the year 2020-21 before you in this general body meeting.
Due to radical changes in the national and international financial environment, major reforms and policy decisions have been taken by the Government of India and the Reserve Bank of India to make the Indian banking sector strong, competitive and dynamic, as a result of which competition in the banking sector has increased, risks have increased. There has been an increase in the financial margin and net profit and there has been a decline. Abolition of special concession given to cooperative banks by the Reserve Bank of India, stringent NPA. Norms, capital adequacy (CRAR) and use of modern technology and new banking products have posed a tough challenge for the banks in the co-operative sector. Cooperative banks will have to work hard with modern banking technology, creative and professional thinking to face the challenge and competition from other nationalized and private sector banks. At the same time, we will have to fulfill our social responsibility for which we are especially recognized. While our network spread from village to village, knowledge and familiarity with our customers and general public are our special assets, politicization, professional management and lack of human resources and templates are our obstacles.
You will be happy to know that your bank is providing short term crop loan to its members at only 7 percent annual interest rate and only 3 percent interest rate is available on the loan to the members who make full payment of the loan on time till the due date. Annual interest rate is being charged. Which is one percent less as compared to other commercial banks. POS machines/micro ATMs have been made available at all PACS committees, through which the facility of “real time-online” operation of farmers' accounts is being provided along with micro ATMs. Through this, along with the facility of opening customer accounts and withdrawal and deposit of money, facility of depositing electricity bills is also being provided to the electricity consumers. The full attention of the bank management is focused on the implementation of this scheme. 142 PACS and 26 bank branches in the district are ready to serve the farmer brothers. Along with this, “Rupay Kisan Credit Card” is also being made available to the loanee farmers.
Courtesy of NABARD, the facility of Bank Mobile ATM Van has also been made available to the residents of the district from the year 2018-19. The bank has provided CBS based banking facilities as well as NEFT/RTGS services to all its depositor customers in the past years. Presently, IMPS facility has also been started through branch channel. In the coming years of the bank, it is our aim to provide the facilities of mobile banking, internet banking etc. to all the customers.
Thank you !
Virendra Singh Gangwar (Viru Babu)
Chairman