SCDCCC Bank posts net profit of Rs 50.08 cr

The South Canara District Central Cooperative (SCDCC) Bank Limited posted a profit of Rs 50.08 crore as of March 31, the highest ever in the bank’s history. The bank had recorded a profit of Rs 33.65 crore in the last financial year, said SCDCC Bank Chairman, MN Rajendra Kumar.

The bank recorded a turnover of Rs 11,598 crore. Turnover increased by 14.87%. The target revenue for 2022-23 was Rs 14,000 crore, he said.

The bank had collected deposits of Rs 5,649.97 crore through its 109 branches in 2021-22, Rajendra Kumar said.

He said the bank is a forerunner in collected deposits among all DCC banks in the state. The bank had disbursed loans of Rs 5,947.86 crore, of which Rs 1,653.62 crore was for agriculture.

The bank had achieved 100% recovery of agricultural loans for 27 consecutive years, he added.

All farmers with Mangala Kissan credit card accounts received RuPay Kissan credit cards. A total of 1,24,833 Kissan cards have been disbursed so far. Additionally, 66,251 RuPay debit cards have also been issued, he said.

Last year, SCDCC Bank decided to waive loans of up to Rs 1 lakh borrowed by farmers who died of Covid-19 in Dakshina Kannada and Udupi districts. As a result, a loan sum of Rs 1.52 crore borrowed by 174 farmers who succumbed to Covid-19 has been canceled by the bank, Rajendra Kumar said.

New packages

The chairman of SCDCCC Bank said that the bank is planning to implement the interbank mobile payment system. Through this service, all registered consumers will be able to transfer money instantly from their accounts to any other account across the country using their mobile phone. Internet banking will be introduced shortly.

“Bank on wheel”, a mobile banking service with an ATM, will be extended to Udupi in April itself with the help of NABARD. During the inauguration of the SCDCCC Bank branch in Manipal, the “bank on wheels” will also be launched, he said and added that 15 new branches will be opened by the bank within the year.

Siddapura’s own branch building in Kundapura will be occupied. In addition, the bank is also planning to install an ATM in each taluk. Already, three branches of taluk have ATM facilities. The remaining 13 branches of the taluk will soon receive ATMs. The bank will also consider introducing the Bharath Bill Payment System (BBPS), he said.

SCDCC Bank debit cards will be issued to members of Primary Agriculture Cooperative Credit Societies in Dakshina Kannada and Udupi districts, he added.

About Miley Sawngett

Check Also

Minister Launches Repco Bank Plans; assures him of the RBI license

Union Minister of State for Home Affairs Ajay Kumar Mishra on Wednesday launched many new …