Be innovative to improve financial health of coop banks: CS Somesh Kumar
- Chairs meeting of high-level committee to monitor health of co-operative credit institutions
- Functioning of State cooperative bank & district cooperative banks reviewed
He 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 at the meeting. Speaking on the occasion, Somesh said that 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. The total business done this year was Rs 16,276.71 crore, as against last year's business of Rs 13,245 crore.
There has been a 25.41 percent growth in the share capital of TSCAB in 2021-22. Reserves have increased from Rs 556.53 crore in 2020-21 to Rs 615 crore in 2021-22, a growth of 10 .64 percent. Deposits have increased from Rs 5,466.41 crore in 2020-21 to Rs 6,941.95 crore, a growth of 26.99 percent, the Chief Secretary said.
He said borrowings rose by 15.67 percent to Rs 6,261.80 crore, while investments increased by 40.27 percent to Rs 2,058.52 crore. The operating profit of the TSCAB stood at Rs 100.89 crore as on March 31, 2022, an increase of 69.90 percent compared to last year's profit of Rs 59.38 crore.
Similarly, there has been a 66.82 percent rise in net profit which stood at Rs.77.29 crore. Telangana also stood at 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.