From the Chairman's Desk
Respected Members, Warm Greetings-Jai Jinendra
On behalf of the Board of Directors, I cordially invite you to the 27th Annual General Meeting of the Bank. I am pleased to present the 27th Annual Report of the organization before you.
The Board of Directors has made an effort to take the Bank on the path of greater development, fully fulfilling the trust shown by the members. By adopting the five principles of professional approach, scientific and best management, timely use of modern information technology, collective decision-making process and dynamic administration, the Bank has taken a leap of progress and created a distinct impression in the cooperative sector. The year 2023-24 has been a good financial year for us. In this financial year, the Bank has done a business of Rs. 863 crores. It is seen that deposits have increased by approximately Rs. 30 crores, gross profit by 3.76 crores and net profit by 1.05 crores.
The Reserve Bank of India has recently approved our bank to provide digital facilities. Mobile banking facilities for customers including RTGS, NEFT, I.M.P.S, UPI, Q.R. Code and RuPay Debit Card etc. The focus is on creating a good role model in the cooperative sector through this medium while taking the bank to the highest heights of success.
The biggest strength of our bank is the members of the bank, the customers of the bank, the well-wishers of the bank, the trust of the members, the customers, their love and relationship towards the bank have become stronger and stronger. As a result of this, the deposits in the bank increased significantly from 2012 to 2024. Till 2012, there were 38 crore deposits in the bank. However, in just twelve years, these deposits have reached 485 crores today. The bank currently owns 3 buildings and today the bank is in a very strong position and everyone feels a different sense of security that their money is in very safe hands.
The bank has maintained its mark today despite various circumstances such as easy loans, its equally honest repayment, increasing competition, uncertainty, new rules and conditions, while continuously emphasizing on customer-oriented service. The bank has 4 branches in Solapur and 1 in Barshi city and the Reserve Bank has given this bank the status of F.S.W.M. (Financially Sound and Well Managed Bank) status has become a milestone in the progress of the bank. The bank's excellent performance has been recognized at various levels and the bank has received the National Level Banko Award, Banking Frontiers Award, State Level Sahakar Bharti's Sahakar Sugandh Award, and District Level Adarsh Bank Award.
We should understand the true meaning of cooperation and support the needy by helping each other. If the intention is honest, there is transparency in work, and we know our responsibility towards the society, people will support us wholeheartedly. Let us all resolve to make our bank the best institution in the cooperative sector by providing more and more good services in the cooperative sector and to make the cooperative more powerful in the true sense by empowering and empowering the last person.
Shri. Deepak Munot
Chairman, Shri. Mahavir Urban Co-op Bank Ltd.