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  • Chairman's Message

    Dear friends
    It’s that time of the year when we have to take stoke of the overall financial health of our Bank. But it has to be reviewed considering various influencing factors, foremost amongst which I the economical scenario of India. Although the Indian economy expanded at 6.9% in fiscal year 2011-12, this has been its slowest pace in past three years. Growth in the Indian services sector slipped to a five-month low in March as optimism about the business outlook in the coming year faded to its weakest level since 2009. On the other hand, the RBI has already cut banks’ reserve requirement by 125 basis points in two moves since late January, making more money available for lending.

     

    Amidst such a challenging and volatile scenario it is only fair to comment that our Bank has surpassed the expectations of most by posting a profit of Rs.3.60 crores as against Rs.2.83 crores in a much better financial ambience in 20101 211. Working capital too has grown by almost ten percent over the last financial year. And the credit for this impressive performance goes to all our shareholders, customers, and regulatory authorities and staff members.

     

    This has been achieved with an astute mix of prudent banking solutions, modernization of systems and upgradation of human resources. Today, your Bank complies with all the parameters prescribed by the RBI and the CAR (Capita Adequacy Ratio) as on 31st March 2012 is 10.66% which is well above the prescribed norm of 9%. The Bank continues to adapt to the changing banking environment and adheres to the tradition of providing excellent customer services, with committed staff, loyal clients and the support of shareholders.

     

    Little wonder, our Bank is in an even better position to withstand market volatilities and as such in better economics situations it would be a force to reckon with, in the co-operative banking segment, I expect you to continue your valuable support and inspire us to perform even better in the years to come.

     

    Thanking you for your unswerving trust.

    Mr. Prakash Mehta
    (Chairman)