PANJIM: After almost a decade the Goa State Cooperative Bank Ltd (GSCBL) has made a profit of Rs 6.95 crore and will now adopt automation and core banking system, for all 54 branches.
Speaking to reporters after chairing the Board meeting, GSCBL chairman Ulhas Phal Dessai on Wednesday said that for the financial year 2021-2022 the Bank had a business mix of Rs 3,301 crore of which Rs 2,161 crore are deposits and Rs 1,140 crore advances as on March 31, 2022. He said that for the first time the Bank made a net profit of Rs 6.95 crore.
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Thanking the depositors and shareholders for reposing their faith in GSCBL, Phal Dessai said that the Bank is now in a strong position with a strong balance sheet and healthy liquidity. He said that the Bank’s net NPAs stood at Rs 61.72 crore which worked out to 5.41 per cent of net advances for the year ending on March 31, 2022.
The GSCBL chairman said that more stress has been given on recovery to reduce the gross NPAs and that the bank has recovered dues from the defaulting borrowers by proceeding against their secure assets. He said that the Bank recovered loans from borrowers in mining industry by waiving off interest amount of Rs 45 crore.
Phal Dessai said that the Bank will now adopt advanced technology so as to provide internet banking services and also uninterrupted services to the customers 24×7. The Bank is also intending to introduce more mobile/ATM vans in rural areas and franking machines in branches located in five major talukas.
