The leading USB of Gujarat is going to organize its AGM on 4-6-2024 at Surat
FinTech BizNews Service
Mumbai, May 17, 2024: Total Business of Varachha Cooperative Bank during the F.Y. 2023-24 has increased to Rs5478.91 crore, recording an increase of 20.31%, as per the annual report of the bank for the year of 2023-2024. Varachha Bank is going to organise its AGM on 4-6-2024 at Surat.
Bank’s performance highlights
Varachha Bank has been one of the leading banks among all the urban co-operative banks of Gujarat. Total business in the year 2022-23 was Rs4554.01 crore, where as the total business in the year 2023-24 is Rs5478.91 crores, which shows hike of Rs924.90 crore. In the year ending on 31/03/2024, Advances has grown by 22.32% and deposits have increased by 19.11%, which is appreciative.
Allocation of Profits
Apart from this, the bank’s profits have been steadily increasing for the last six years, the total income of the bank at the end of the year 2023-24 was Rs.267.08 crore against the total expenditure of Rs. 202.04 crore so the gross profit was Rs. 65.05 crores. Out of which Rs.14.00 crores is paid in income tax and from the rest after making various provisions like staff bonus, bad and doubtful debts, long term finance, deferred tax liabilities expenses; the total net profit of the bank is Rs36.37 crores, which has seen an increase of 114.47 percent compared to last year.
Dividend
As on 31/03/2024 there are total 64046 members and total share capital of Rs119.30 crores. The Board of Directors has recommended a dividend of 12% for the year 2023-24 as per statutory provisions.
Bhavanbhai B. Navapara, Chairman, Varachha Bank, proudly explains: “Bank has performed excellently in FY 2023-24 and achieved enthusiastic results and it inspires us to move forward and continue with same enthusiasm to achieve the targets for FY 2024-25. In the 28th year with a business of Rs5478.91 crores, the Bank has shown an excellent progress in all sectors during the FY 2023-24 and kept its leading position intact among the co-operative banks in Gujarat.”
DICGC premium on customer’s deposits is paid regularly in every six months. The premium up to dated 30-09-2024 has been paid by the bank. The gross N.P.A and overdue position of the bank has been kept under control. Gross N.P.A totalling 74 accounts amounting to Rs. 25.40 crores is 1.22%. Also, Net N.P.A continue to remains at 0 (Nil) due to adequate provisions against overdue accounts. The facility of e-stamping by the bank will be initiated soon which will be more helpful to the customers.
During the year 2023-24, insurance department collected premium of Rs.1321.25 lakh against which the bank received income of Rs.145 lakh, which is very good thing for the bank. The remarkable performance of the department is being noted by the bank.
Mutual Fund Services
During the year 2023-2024, a new Mutual Fund service has been launched by our bank. The bank has got very good success in very first year. In just nine months the total AUM of the Mutual fund business is Rs.7.62 crore in which Rs 1.67 lakh commission income has been earned by our Bank.
Mutual Fund Total Business
AUM Total 7.62 crore
E-Wealth A/c 2739
No.of SIP 5708
Lumsum 2.41 crore
SIP amount 76.82 lakh
Employee Training
Employees are sent for training to Reserve Bank of India (Pune), Surat Zilla Sahakari Sangh, SCOBA, NAFCUB/ GUJFED/ COBI and GSC Bank etc. to improve knowledge and skills all level employees of the Bank.
WEDNESDAY WEBINAR is organized by the HRD department every Wednesday to enhance the skills, knowledge and motivation of the employees of the bank. In which information-guidance has been given to the employees regarding the new guidelines of RBI.
Channels Of Digital Payment
The bank is live on all channels of digital payment and is providing updated technical services to the customers. Bank organizes Cyber Security Awareness Training on how to be vigilant against cyber-attacks in the bank’s digital environment for their employees. In order to work more enthusiastically without stress, employees are trained by organizing motivational programs from time to time. Apart from this, various trainings are provided periodically to the employees of each department so that the best banking service is delivered to the customer.
E-mandate
E-Mandate is a Recurring Payment/ Standing Instruction payment method as per RBI guidelines, in which customer can register and activate through his card number on the merchant application/ website to pay his regular bills like gas bill, light bill etc. This service has been operational by our bank since 06/12/2023 and so far more than 1000 e-mandates have been registered.
