Repco

A cheque for Rs 19.08 crore was received by Union Home Minister Amit Shah on Thursday as dividend of the Repco Bank, a Government of India enterprise functioning under the administrative control of the Ministry of Home Affairs. Shah congratulated the Repco Bank on achieving the remarkable feat of registering a stellar 11-per cent growth rate in the financial year 2023-24. "Today, on behalf of the MHA, received a cheque for Rs 19.08 crore from the Chairman of Repco Bank, Shri E Santhanam, and the Managing Director, Shri O M Gokul, as a dividend on the Government of India's share capital. The bank, under the administrative jurisdiction of the MHA, has proven what commitment to serving the nation can achieve," the home minister said in a post on X.

A cheque of Rs 15.26 crore was presented to Union Home Minister Amit Shah here on Wednesday as the dividend of the Repco Bank, a government of India enterprise under the administrative control of the Ministry of Home Affairs, officials said. The cheque was given to the home ministry by Repco Bank's chairman E Santhanam and Managing Director R S Isabella. The dividend amount of Rs 15.26 crore is 20 per cent of the share capital of Rs 76.32 crore held by the government of India for the financial year 2022-23, officials said. The bank posted 8 per cent growth in business and 10 per cent growth in profit during the fiscal 2022-23. As a remarkable achievement, the bank has crossed business of Rs 18,000 crore, they said.

Repco Bank would approach the private sector for investments. However, it is yet to start such exercise.

Repco Micro Finance last year submitted a proposal for getting a licence as Small Finance Bank, but the Reserve Bank of India told it only applications for universal banks were being considered

Investment from IFC will help Repco to provide affordable housing loans to individuals in India