From losses to profits, KDCCB making strides: Chairman Ravinder Rao
The Karimnagar District Cooperative Central Bank (DCCB) has won award for annual performance for 2018-19 at all India level by National Federation of State Cooperative Banks Limited (NAFSCOB).
Karimnagar: The Karimnagar District Cooperative Central Bank (DCCB) has won award for annual performance for 2018-19 at all India level by National Federation of State Cooperative Banks Limited (NAFSCOB).
The DCCB, which was reeling under crisis with losses of about Rs 57 crore during 2006-07 with a turnover of only Rs 200 crore, is now making strides and earned profits of about Rs 11.12 crore during 2019-2020 with a business of over Rs 4,000 crore and providing services to over 6.5 lakh customers in the united Karimnagar district.
The NAFSCOB had selected Karimnagar DCCB as the winner among 393 DCCBs present across the country for its excellent performance. Similarly, Choppadandi Primary Cooperative Agriculture Society (PACS) was declared as the best performing PACS among a total of 93,000 PACS in the country.
DCCB chairman and Telangana State Cooperative Apex Bank (TSCAB) Chairman Konduru Ravinder Rao received the award from NABARD Chairman GR Chintala at a programme in Mumbai on Tuesday (December 29). K Ravinder Rao also had been unanimously elected as the chairman of National Federation of State Cooperative Banks Limited (NAFSCOB) after the general body meeting held in Mumbai.
For the first time in NAFSCOB's 55 years history, apex body of cooperative banks of the country has elected a person from Telugu speaking States of Telangana and Andhra Pradesh.
Speaking at a press meet, K Ravinder Rao said for the first time, Karimnagar DCCB has emerged as the country's best cooperative bank for 2018-19. It is the only DCCB in the country, which has been completely computerised and is providing core banking services such as RTGS, NEFT, DBT, CTS on par with nationalised banks. The annual turnover of Karimnagar DCCB had crossed Rs 4,000 crore, which includes Rs 2,000 crore advances and Rs 2,000 crore loans.
"DCCB had emerged as number one and became role model for others in the country in the recovery rate with 97 per cent in spite of pandemic situation and the NPA was less than 2 per cent. Till March 31, 2020, the bank had done business of Rs 3,757 crore including Rs 1832 crore deposits and Rs 1925 crore loans."
Ravinder Rao stated that he had grown to the rank of NAFSCOB chairman only because of teamwork of the entire bank and PACS. He assured to play a crucial role in the strengthening of the cooperative sector, which was the backbone of rural economy, in coordination with RBI, NABARD, Union government and others. CEO N Satyanarayana Rao, vice-chairman V Mohan Reddy and others were also present in the press meet.