The Arunachal Pradesh Cooperative Apex Bank has earned a net profit of Rs 8.92 crore during 2009-10, as compared to Rs 3.19 crore in the previous year, official sources said today.
The state government revived the bank three years ago, which was facing bankruptcy by taking Rs 225 crore as upfront money from the NHPC.
Of the total amount, Rs 200 crore, including Rs 180 crore as capital assistance and Rs 20 crore as soft loan, was provided to revamp the bank enabling it to comply with the Sec 11(1) of Banking Regulation Act, 1949.
"Apart from earning the income, the bank has recovered a sum of Rs 18.39 crore during 2009-10 with the cooperation of its Certificate Officers," the bank's Managing Director and CEO Tarin Dakpe said, during its 22nd annual general body meeting yesterday. The Bank has a total deposit of Rs 63.65 crore, he added.
Though efforts were made to increase its deposit base, the bank's outstanding loans at Rs 109.59 crore still remained as an area of concern, he said.
The bank authority has urged the government to release the remaining soft loan of Rs 25 crore.
The bank has started lending programmes under agriculture and allied sector like Kishan Credit Card (KCC), Swarna Gramin Swarojgar Yojana (SGSY), Swarna Jayanti Swarojgar Yojana (SJSRY), SHG and Cooperative sector and salaried person schemes, and sanctioned an amount of Rs 3.80 crore to 591 beneficiaries, Dakpe said.
"The branch managers are empowered to sanction the loans under KCC and SGSY schemes and the bank has also formed 56 SHGs during the year towards meeting the state's goal of financial inclusion with the support of Nabard," he added.
