Union Minister Anurag Thakur on Thursday congratulated the Kangra Central Cooperative Bank (KCCB) on its phenomenal turnaround.
According to the Ministry of Information and Broadcasting, the bank which had suffered a loss of around Rs 46 crore in just four years has earned a profit of Rs 87 crores in the financial year 2021-22.
The Minister expressed his profound happiness that this also happens to be the highest ever profit earned by the bank.
Thakur reiterated the vision of Prime Minister Narendra Modi that the Government is steadfast in its efforts to merge the spirit of Cooperation with the Spirit of 'Azadi ka Amritkaal'.
"The Prime Minister has categorically stated that the Government is working to ensure that cooperative societies become competitive in the market and get a level playing field and reduction in taxes on cooperatives is a move towards that goal, the Minister recalled. The remarkable achievement of the bank will further the motto of "Sahkarita Se Samriddhi" (Prosperity Through Co-operation)," he said.
The Minister acknowledged the growth of the bank in the last four years and said the bank has seen a substantial increase in enrolment of customers under various social security schemes.
He congratulated all the 1,400 employees of the bank whose dedication to serving the bank's over 17 lakh customers has resulted in an impressive growth of over Rs 3000 crores in the last four years.
The KCCB was issued a Certificate of Registration in 1920 and started operations in March of the same year. The bank currently has 26 branches with its Head Office at Dharamshala.
During the last four years, the bank has seen tremendous growth in various indicators. Investments of the bank have increased by Rs 2324 crore while reserve funds have grown by Rs 26 crores.
The Net Profit has increased to Rs 87.53 Crore in the financial year ending March 31, 2022, compared to Rs 4.55 Crore as on 31st March 2018. (ANI)