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| CCB to Govt: 'Redeem or restructure Rs 78.50 lakh' | | | Early Times Reporter
Jammu | May 30
The Citizens' Cooperative Bank (CCB) Ltd has asked the state government to redeem or restructure an amount of Rs 78.50 lakh with immediate effect which was invested by the bank in the shape of 'Bonds' with J&K State Financial Corporation in 1995.
Addressing media persons here on Friday, Chairman of the Citizens' Cooperative Bank Ltd Dinesh Gupta informed that the bank has made an investment of Rs 50 lakh on August 2, 1995 in the shape of 'Bonds' with J&K State Financial Corporation and it was matured on August 1, 2005, adding "The matter has been taken up higher officials of government but till date neither the bonds are redeemed nor restructured."
He asked the government to realize the interest amount of Rs 28.50 lakh and the principal amount of bonds for Rs 50 lakh either be redeemed or restructured with immediate effect. He disclosed that all the branches of the Citizens' Cooperative Bank Ltd would be made fully computerized in next two months, adding that the bank has planned to open five more branches in Jammu region by the end of September this year.
Gupta, while highlighting the achievements of the bank during the financial year 2007-08, informed that the deposits of the bank has registered a growth of 8.34 percent in last seven months and it has gone up to approximately Rs 196 crore as against the previous figure of Rs 172 crore with the achievement rate of 99.99 percent.
He further informed that the advances of the bank have also registered a growth of 21.32 percent and increased upto nearly Rs 112 crore. "The Non-Performing Assets (NPA) of the bank has been reduced to a considerable level. We have recovered Rs 11 crore under NPA in last seven months and it has reached upto 18.68 percent as against the last year's 39.78 percent," he maintained, adding that the bank has committed to achieve the NPA's optimum level of 10 percent as fixed by Reserve Bank of India (RBI). The bank has registered an overall growth of 13.14 percent as against the last year's 6.05 percent.
Besides this, the Share Capital of the bank has increased to the order of Rs 3.82 crore, he said, adding that the special attention has been paid towards improvement in customers services which includes Note Counting Machines have been installed all branches and Coin dispensing machine has also been installed at one branch of the bank. |
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