Karimnagar: TSCAB making strides in the State

Karimnagar: Telangana State Cooperative Apex Bank (TSCAB) has performed extraordinarily and earned a profit of Rs 67.20 crore during 2020-2021 financial year even during Covid-19 pandemic situation. Compared to Rs 51.15 crore during 2019-2020, there was an increase of 31.38 per cent, stated TSCAB Chairman Konduru Ravinder Rao.

In a statement released here on Monday, he stated that since the formation of TSCAB in 2015, financial year of 2020-2021 has been the best year for Apex bank as it surpassed all the targets set during the fiscal year. With only 0.14 per cent of gross NPA (non-performing assets), the TSCAB has set a record among all the State cooperative banks in the country with lowest NPA.

The bank deposits increased from Rs 4644.69 crore in 2019-2020 to Rs 5466.41 during 2020-2021 with an increase of 17.69 per cent. Loans and advances had increased from Rs 6202.46 crore in 2019-20 to Rs 7802.50 crore in 2020-2021 with a growth rate of 25.80 per cent. There was also increase of gold loans from Rs 530 crore to Rs 662 crore registering an increase of Rs 132 crore, he informed.

TSCAB Managing Director Dr Nethi Muralidhar said that the State Apex bank emerged as the best and achieved its targets in all parameters with increased business, share capital, deposits, loans and profits etc under the guidance of its Chairman K Ravinder Rao and board of directors. He said that with collective teamwork of the TSCAB and the support from CEOs and DCCBs, the bank had set a target of doing business of Rs 16,000 crore during 2021-2022.

Muralidhar also said that there is good progress of the Apex bank due to excellent governance with professional management in a transparent manner.

"Technically also we are the best cooperative bank in the country and providing all IT services such as internet banking and Cyber Security Operations Centre (C-SOC) 24x7 on par with any nationalised bank," he stated.