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Pune Peoples Co-op Bank does well; business crosses Rs 2000 cr
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UCBs hail RBI notification; says no impact on elected Directors
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Board of Beed DCCB superseded
Amidst irregularities in election, Uddhav’s Maharashtra Government has superseded the board of Beed District Cooperative bank and appointed the administrator to regulate the bank activities.
The government has appointed 5 members to the administrative board. The Aurangabad Division Additional Commissioner Avinash Pathak has been appointed as the Chairman of the administrative board.
MSC Bank former MD Pramod Karnad, Pune People’s Co-operative Bank Chairman and Chartered Accountant Janardan Ranadive, Assistant Registrar Ashok Kadam and Adv Ashok Kawade have been appointed as the members of the administrative board.
The election of 19 directors on the board of the bank took place recently. 11 members were disqualified. No adequate quorum and hence the State Government appointed the administrative board for day to day management.
Despite the Covid-19 challenge, Maharashtra based Pune People’s Cooperative Bank, a Multi-State Bank has performed well as both its business and profit registered a growth in the financial year 2019-20. The bank has also crossed the deposit base of Rs 1200 crore in the third quarter of the current FY.
The bank’s total business increased from Rs 1,772 crore to Rs 1,837 crore as on 31st March 2020. The rise in the profit is slight and it has increased from Rs 12.52 crore to Rs 12.64 crore in the 2019-20 financial year.
One of the directors Adv. Subhash Mohite who is also the Chairman of Pune Urban Cooperative Banks Association said, “We have seen no impact of Covid-19 on our business and from deposits to loans and advances to profit and on others financial parameters, the UCB has performed well. Even till the end of third quarter of the current financial year we have crossed the deposit base of Rs 1200 crore”.