Citizen Coop Bank achieves healthy growth

NT NETWORK
Posted on 2008-11-14
VASCO-The Citizens Cooperative Bank Ltd, Vasco, has achieved healthy growth of about 21 per cent in all parameters. The bank’s net NPAs stood at 2 per cent and CRAR was 13.81 per cent against minimum of 9 per cent prescribed by RBI. The bank has secured an audit classification for the year 2007-08, said its chairman Dr Baban Parulekar at the 25th Annual General Body meeting of the bank.
Dr Parulekar appreciated the members for repaying their loans promptly, which has contributed to maintain the NPAs at low levels. Dr Parulekar also requested members to avail off various loan facilities for their business expansion and other purposes. He informed the members as a part of Silver Jubilee celebration, the bank plans to introduce Core Banking Solution (CBS) to improve customer service and is contemplating in opening more branches in North Goa.
The members were notified about the various provisions of the Goa Cooperative Societies Act 2001 and Goa Societies Rule 2003. He explained that some of these provisions were not suitable for the functioning of cooperative banks. He said that sections of the new law regarding distribution of surplus, election to the board of directors, valuation of shares were detrimental to the cooperative banks.