Angul United Central Cooperative Bank (AUCCB), one of the largest cooperative banks in the state, has posted 14.25 per cent growth in its total business at Rs 42.25 crore in 2008-09 as against Rs 36.98 crore in 2007-08.
The bank which operates through its 17 branches in Angul and Dhenkanal districts recorded a net profit of Rs 79 lakh in 2008-09. The bank clocked a growth of 22 and 26 per cent in its deposits and working capital respectively in 2008-09.
The bank's working capital has gone up to Rs 452.33 crore as against the target of Rs 405 crore in the last financial year.
Bibhudendhu Pattnaik, chairman of AUCCB said, the bank's deposit currently stands at Rs 209 crore and we are trying to tap the savings of more people through opening of two new branches and two extension counters.
The bank has adopted a new insurance scheme called Universal Health Insurance Scheme for the BPL (below poverty line) card holders through a tie up with the National Insurance Company on referral basis.
The AUCCB is the first bank adopting this scheme meant for the BPL card holders, Pattnaik claimed.
Besides, the bank has also adopted a Micro Insurance Scheme on a referral basis through tie-up with ICICI Prudential. This scheme would cover all the 2.60 lakh Kisan credit card holders. The scheme offers life insurance to the Kisan credit card holders on a nominal payment of Rs 50 per year with the sum assured being Rs 50,000. AUCCB whose main thrust is on crop loans has decided to offer loans to other sectors except commercial housing. A special housing scheme for corporate and government employees is being implemented and emphasis is also being given on small and medium sector lending, said Pattnaik.
