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HDCC Bank 13.52 crore net profit, no illegality: Nagaraj

HDCC Bank 13.52 crore net profit, no illegality: Nagaraj
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No illegality was found in the administration of the bank

Hassan: Hassan District Co-operative Central Bank 13. Bank Chairman Somanahalli Nagaraj said that by providing good service with a net profit of 52 crores, there is no need for customers to be disturbed.

Speaking at a press conference, Nagaraj clarified that there was confusion among the customers regarding the recent IT review of HDCC Bank, but the bank is providing transparent management and customers need not worry.

Started in 1953, HDCC Bank has 34 branches in the district and has earned Rs 13.52 crore net profit and Rs 2207.67 crore working capital with a share capital of Rs 83.69 crore as of the end of March 31 this year, he said. The agricultural sector has also been given high priority by the Bank through 211 Primary Agricultural Cooperative Societies, 1,94,921 farmers have been given 1089.09 short-term crop loans at zero interest rate and 1191 including 102.77 crores as medium-term loans. 86 crore loan has been given.

Apart from this, a 12.96 crore loan was given for the development of cooperative societies of primary agriculture, construction of godowns, purchase of agricultural machinery and other purposes, and a 608.84 crore loan was given for other agricultural machinery purposes including the purchase of houses, commercial building, land purchase.

He said that 116.94 crore loans have been given to 4215 self-help groups through bank branches and District Primary Agriculture Cooperative Societies at zero interest rates.

According to the financial criteria of banks set by the Reserve Bank of India, HDCC Bank has received the ‘A’ category in the audit classification for the year 2019-20 and 2020-21.

The business of the bank has been completely upgraded technically and many facilities including RTGS, NEFT, and mobile banking have been provided. At present 15 ATMs are functioning with the help of NABARD to provide a quick cash facility. He said that a mobile ATM system has also been provided recently.

Verification of IT Officers –

Nagaraj said that according to the complaints made by some people about the well-functioning bank in the district, the state income tax authorities have checked and found no deficiencies in the bank’s transactions and working activities. Every year administration of the bank has been transparent and we have provided the record with proper cooperation to the authorities. He said that on March 31 and April 1, the officials who conducted a comprehensive inspection of the bank’s records, lockers and other matters for two days expressed a good opinion about the bank.

He said that Hassan and Belgaum Bank branches were inspected in the wake of the election, but this proved that there was no illegality in the bank.

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