Balasore Co-op Bank does better

The Balasore Co-operative Urban Bank (BCUB), which was running in loss till a year ago, has registered significant growth in all major areas of operation.

"The bank has advanced business loans to maximum number of people among 14 co-operative banks in the state. It has also registered highest loan recovery percentage during last one year", said the president of the bank, Jyotiskar Mohapatra.

"BCUB received Rs 2 crore in savings and fixed deposits since September, 2006. It has registered about 1200 new members and collected Rs 4 lakh as membership fee within this period," he added.

Mohapatra had taken charge of the Bank on September 29, 2006.

"While we have been able to add Rs 1 crore more to our working capital which is now maintained at a comfortable level of Rs 19 crore, there has been significant achievement on loan recovery front. Within last one year Rs 1,80,50,525 has been recovered from loanees. The bank, which had (Non Performing Asset) NPA over Rs 2.20 crore, recovered nearly Rs 1.80 crore last year by attaching properties of defaulters," he said.

The bank has financed Rs 2.87 crore to 1036 persons in business and house building sectors.

Besides, it has undertaken computerization and modernization AND IMPROVED customer care facilities.

It opened one extension counter at Motiganj during this period. "BCUB which is 60 years old is running in a building on rent. We have plans to purchase land and construct a new office building besides opening branches in other areas of the district. We will have two more counters at Nilagiri and Januganj Golai near Remuna shortly," Mohapatra said.