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Srikakulam DCCB achieves good profits

Srikakulam DCCB achieves good profits
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The District Cooperative Central Bank DCCB of Srikakulam achieved good profits up to the quarter ending December 2018 After implementing Vidyanadhan Committee recommendations, DCCBs across the State have been revamped and Srikakulam DCCB took up the new way to achieve success In 2013, total business of the bank was Rs 38099 crore and it increased to Rs 101005 crore in the current year

Srikakulam: The District Cooperative Central Bank (DCCB) of Srikakulam achieved good profits up to the quarter ending December 2018. After implementing Vidyanadhan Committee recommendations, DCCBs across the State have been revamped and Srikakulam DCCB took up the new way to achieve success. In 2013, total business of the bank was Rs 380.99 crore and it increased to Rs 1010.05 crore in the current year.

Deposits in 2013 were Rs 69.91 crore and they reached to Rs 339.29 crore. Due to high rate of interest as 8.5 percent per annum on deposits, customers are being attracted towards DCCB. DCCB granted Rs 375. 29 crore as loans to farmers and other categories. New loans worth Rs 212.72 crore were sanctioned to 66, 913 farmers under various schemes.

As per government directions DCCB also procured 43,670 metric tonnes of paddy from farmers by paying good price to them through paddy purchasing centers across the district during previous kharif season and paid Rs 76.43 crore to farmers. National Bank for Agriculture and Rural Development (NABARD) also gave B plus ranking to Srikaulam DCCB, earlier it was C ranking.

We are adopting service oriented mechanism in ourbank like mobile ATMs in rural areas, modification of branches, online banking facility, high rate of interest on deposits are reasons for achieving profits,’’ DCCB Chairman, Dola Jagan Mohan Rao explained to The Hans India.

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