At times when banks are grappling with bad debts, Fingrowth Cooperative Bank Limited, a leading multi-state cooperative bank of North India, has a rare distinction of having net zero non performing asset (NPA) for last 20 years .
The bank did a business of Rs 743 crore during fiscal 2022-23 with a profit of Rs 8.32 crore. Surendra Golcha, chairman of the bank board said that the 64-year old bank has been serving 50,000 customers across 23 branches.
“As a result of strong loan appraisal system and excellent follow-up and recovery management, the net NPA of the bank has been zero for the last 20 consecutive years. A dividend of 15 percent has been approved for the shareholders of the bank,” he said while addressing at the 47th annual general meeting of the bank.
He said that this year the bank has commenced a new branch at Udaipur in April 2023 and is soon going to open one branch each at Jodhpur and Kota districts.
“Approval to expand Area of Operation of the Bank in the Ahmedabad and Surat Districts in Gujarat has been received. The Bank plan to establish branches thereat in the next 1-2 years with prior consent of the Reserve Bank of India,” he informed.
Sunil Pamecha, managing director of the Bank informed that Fingrowth is providing Digital Payment Services like ATM Ru-pay Debit Card, ECOM, and RTGS, NEFT, IMPS etc. through its Mobile Banking.
“Bank has advanced Core Banking Software and have Unified Payment Interface (UPI) enabling customers to transact with Paytm, Phonepe, Gpay, Airtel Payment Bank etc.,” he said.