Sri Narayana Guru Co-op Bank on the path of progress

Sri Narayana Guru Co-op Bank established fifteen years ago has now shown tremendous potential of growth, according to its Chairman K S Bahuleyan. The deposits have touched Rs.61.83 crores from Rs.54.44 crores. The loans dispersed has grown to Rs. 28.42 crores from Rs. 27.93 crores. This bank gives a higher rate of interest on deposits compared to other co-op banks, he said. The resultant annual profit has gone up to Rs.7.56 crores from Rs.6.71 crores. More than 50% of the loans are given to housing and small scale industries sectors. From these sectors the profit of last year has gone from Rs.84.95 lakhs to Rs.89.62 lakhs.

Sri Narayana Guru co-op Bank came into existence in 2002 with the help of Sri Narayana Mandira Samiti. It has branches in Chembur, Mulund West, Bhandup West, Nerul (Seawoods), Kopperkhairne and CBD Belapur. The bank is approaching RBI for starting new branches in Dombicli and Kalyan. The bank is duty bound to help small and medium sized business ventures and entrepreneurs and middle class people. Compared to other banks, Sri Narayana Guru Co-op Bank has negligible NPA. This year the bank is aiming to achieve better business transactions. In this regard, the bank seeks closer relationship from all customers and share holders.

The seventeenth AGM of the share holders of the bank will be held on July 27 at 10.30 am at the Seminar Hall of the Educational complex at Lokhande Marg, Chembur.

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