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| Jain reveals achievements of Citizen Cooperative Bank | | |
JAMMU, 27 JUNE
A record recovery of Rs. 14 crore has been registered by Citizen Cooperative Bank Ltd. Jammu during the financial year 2006-07 showing an increase of 52.46% in recoveries of NPA. This has turned the bank into a profitable institution adding another feather to its cap.
This was stated by Divisional Commissioner, Jammu and Administrator of Citizen Cooperative Bank Ltd, Pramod Jain during a press conference here today.
Speaking on the occasion, Mr. Jain said that the bank has registered a deposit of Rs. 17826.05 lakh during last financial year as compared to deposit position of 16416.67 lakh registered during previous year showing a growth of 8.59 %. The bank has attained a required level of 9.17% of the Capital to Risk Assets Ratio. The bank has shown net profit of Rs. 9.44 lakh after covering up the previous year loss of Rs. 23.66 lakh. Also growth rate of bank has risen from 2.86% to 6.05% and it has also shown its existence in Insurance business on referral basis by making tie up with AVIVA Life Insurance Co. India (Pvt.) Ltd. and ICICI Lombard.
Referring to the steps taken to improve the service and working conditions of employees. Jain informed that funds for creating library and other core facilities including sports etc have been raised. A grievance cell comprising of senior officers of the bank to look into the problems of staff has been constituted, he added.
Stressing upon the thrust given to improve customer services being provided by the bank, the Divisional Commissioner said that banking hours have been extended up to 4 PM on week days and note counting machines for more efficiency have been made available to the different branches of bank.
Regarding election to the Board of Directors of the Citizen Cooperative Bank, he said that a transparent election mechanism has been set in motion. He said that a grievance cell with Phone No. 2453153 has been established in Administrative Office.
When asked about opening of new branches by the bank Mr. Jain said that after the sanction, clearance and authorization of RBI, the new branches and extension counters would be opened. Responding to the query regarding sanctioning of loans, he informed that Managing Director in consultation with administrator, loan sub-committee and Board of Directors will sanction the loan. He also said that computerization of all bank branches will be done shortly.
Among others Managing Director CCB, Mr. Anil Mehta, Chief Manager CCB, Ashok Goswami, Manager CCB, Janak Khajuria and other senior officers of the bank.
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