I am pleased to welcome all of you for the 30th Annual General meeting and present before you the Annual Report together with the audited statements of Accounts for the financial year ended 31st March 2012.This Annual Report also consist of selected statistics, policies & Planning of the boards as per norms decided by the RBI. My dear friends I am very much proud to state that, since opening of the bank.
- The statutory Auditors have allotted “A+” grade on the basis of performance, management quality, control & fraud free working of the bank was also maintained by the Bank during the year 2011-12 and
- The Bank could maintained its consistence track record of business development, profitability, productivity, payment of dividend to its esteemed share holders and bonus to staff members since last 30 years as Hon’ble Directors of Banks Board & Hon’ble Mmbers of advisory committee of branches have shown a unity, dedication, sincerity, commitment in every decision, policy making and further planning of the Bank since Banks establishment.
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The global economic environment continues to be uncertain since last 2-3 years. All alon the year there was a serious discussion on worldwide economic slow-down and inflation. In India bankers behaves sensibly and the Reserve Bank of India and other Regulators were active and alert, which saved our economy from deep crises.
Therefore to overcome the above problems, we have improved our working capacity, competitiveness, cost consciousness, customer orientation, good corporate competency, team of contributing directors and last but not the least constant feedback, review and ensured improvement in banks performance.
The United Nations General Assembly has declared year 2012 as “International Year of Co-operatives” highlighting the contribution of Co-operatives to Socio Economic Development. Peoples Co-operative Bank Ltd;, Hingoli has always believed that excellence and building of better world. Is possible only through collective efforts & cooperation. I extend my sincere congratulation to all persons working under co-operative movements.
TDuring the year under review the number of Banks regular members recorded increase of 743 and total membership at the end of year 2011-12 reached to 15316. The paid up capital of bank for the year 2011-12 amounted to Rs.8,92,86,325/- as compared to Rs. 78585825/- in 2010-11 thereby recording a growth of 13.62 %
During the review year facing all challenges, our bank improved its deposits mix as well as deposit level by 21.47% , as on 31/03/2012 the banks deposit attained the level of Rs. 427.10 crore over the last year of Rs. 351.60 crore.
Banks ‘initiated “Mission CASA” during Jan to Mar.2012 to augment the CASA component of deposits and an all round concerted efforts by all staff the net increase in CASA deposits recorded a growth of Rs. 9.70 crores(11.06%). The main component of CASA is current and saving deposits, out of which current deposit recorded growth of 12.12% and saving bank deposit registered a growth of 10.13% over their last year’s levels, which combated the increase in cost of deposit.
I acknowledge with gratitude, the hon’ble Ministers, MPs, MLAs, Presidents and other office bearers of different instaurations and political parties, the officials and employees of central and Regional Office of RBI, and Cooperative Department of Central and State Government, Senior dignitaries who visited the Bank.
I also take this opportunity to express my deep sense of appreciation for the whole hearted support of our valued customers, esteemed share holders, all past and present members of Board of Director, local body members of branches , and well wisher of bank at large for their continuous support and patronage and correspondents for their continuous cooperation and last but not the least to all staff members of “Peoples Bank Parivar” for their commitment and dedicated services for development, growth and prosperity of the Bank. Thanking you all.
Omprakash Deora (Chairman)