Tamil Nadu State Cooperative Bank performed well in the financial year 2023-24, achieving a business mix exceeding Rs 33,000 crore and earning a net profit of Rs 121.29 crore.
During the year, the bank’s deposits decreased by around Rs 950 crore, from Rs 12,486 crore in 2022-23 to Rs 11,517 crore as of March 31, 2024. However, advances increased significantly, from Rs 17,386 crore to Rs 22,073 crore in 2023-24.
The bank’s total business grew from Rs 29,873 crore in 2022-23 to Rs 33,591 crore as of March 31, 2024.
As of March 31, 2024, the bank’s share capital stood at Rs 631.19 crore, which includes Rs 20.26 crore contributed by the Government of Tamil Nadu. Additionally, the bank’s total reserves amounted to Rs 1,279.74 crore.
The Board of Directors has proposed a 7% dividend for shareholders for the financial year 2023-24. The bank sanctioned a total credit limit of Rs 14,679.75 crore to Central Cooperative Banks (CCBs), including Rs 4,290 crore from NABARD, without requiring a government guarantee.
In its agricultural initiatives, the bank disbursed Rs 491.15 crore in crop loans to 12,923 Joint Liability Groups. Additionally, Rs 366 crore was sanctioned under the Special Jewel Loan Scheme to support weaker Primary Agricultural Cooperative Credit Societies (PACCS).
Under the “PACCS as MSC” scheme for Post-Harvest Management, the bank financed Rs 157.75 crore to 2,720 PACCS, availing Rs 236.09 crore as refinance from NABARD.
At the PACCS level, deposits increased from Rs 10,692.66 crore to Rs 11,151.48 crore, while deposits in CCBs grew from Rs 39,574.52 crore to Rs 41,074.90 crore after audit.
During the financial year 2023-24, the bank extended refinance of Rs 210.50 crore to 10 District Central Cooperative Banks (DCCBs) under the National Rural Livelihood Mission at a concessional rate.
Under the Special Jewel Loan Scheme for weaker PACCS, the bank sanctioned Rs 366 crore to 732 PACCS through their respective DCCBs, with an outstanding balance of Rs 149.70 crore as of March 31, 2024.
It is worth recalling that the Tamil Nadu State Cooperative Bank (StCb) recently received the State-Level Best Performing Bank Award 2023-24 from Tamil Nadu’s Deputy Chief Minister, Udhayanidhi Stalin. The award was received by the bank’s Administrator and Managing Director, P. Loganathan.
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