SCARD Bank clears liability worth Rs 20 cr of retired employees

By
Daily Excelsior
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Excelsior Correspondent
JAMMU, July 21: J&K State Cooperative Agriculture & Rural Development (SCARD) Bank has cleared the liability of retired employees worth Rs 20 crore while Bank’s NPA has reduced from 90 % to 11 % from the 2009 till date.
Managing Director/ CEO of the Bank, MA Bhat claimed that total working capital of the Bank which was 2181.40 lakhs as on March 31, 2012 has now reached 13064 lakhs in June 2017, thus showing a growth of about 547 %. Moreover, per employee business of the Bank which was Rs 18.79 lakh as on March 31, 2012 has now reached up to Rs 74.90 lakhs. The Bank recorded a total business of Rs 18125.06 lakh by the end of last financial year while it was just Rs 2799.82 lakhs as on March ending 2012. Per branch business of the bank has also recorded a considerable growth, which has now reached to Rs 355.40 lakh mark.
The MD further disclosed that Bank was unable to clear the log pending arrears of the retired employees. The Bank has now cleared this liability to the tune of Rs 20 crore of the retired employees. The SCARD bank has also cleared the liabilities to the tune of Rs 12.76 crore under the financial assistance of the State Government of different borrowings agencies enabling the Bank to save Rs 2 crore yearly interest which was being paid to these borrowings agencies. The bank has also released gratuity and other retirement benefits to the employees retired under SRO 233 to the tune of Rs 2 crore.
Elaborating further the MD said that total deposits of the Bank which was Rs 1206.84 crore as on ending March 2012, has reached to Rs 12861.54 lakh as on date, showing a sharp growth. The total loan outstanding as on March 31, 2012 was Rs 1592.98 lakhs which has now reached up to Rs 5263.22 lakhs. The total investments of the Bank which were just below Rs 200 lakhs during 2012 has now reached up to Rs 7780 lakhs. The recovery performance of the Bank has also shown impressive improvement. It was just 31.67 % during 2011-12 and reached up to 50.61% during last financial year. Position of NPA which was alarming around 22.68 % during 2012 has been reduced to 11.76 as on date, the MD added.

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