India News | Union Minister Anurag Thakur praises Kangra Central Cooperative Bank for its phenomenal growth

New Delhi [India]Aug. 12 (ANI): Union Minister Anurag Thakur on Thursday praised Kangra Central Cooperative Bank (KCCB) for its phenomenal turnaround.

According to the Ministry of Information and Broadcasting, the bank which had suffered a loss of about Rs 46 crore in just four years made a profit of Rs 87 crore in the financial year 2021-22.

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The Minister expressed his deep delight that it was also the highest profit ever made by the bank.

Thakur reiterated Prime Minister Narendra Modi’s view that the government is unwavering in its efforts to merge the spirit of cooperation with the spirit of “Azadi ka Amritkaal”.

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“The Prime Minister has stated categorically that the government is working to ensure that cooperative societies become competitive in the market and achieve a level playing field and that reducing taxes on cooperatives is a step towards this goal, said the minister recalled, “The remarkable achievement of the bank will advance the motto of ‘Sahkarita Se Samriddhi’ (prosperity through cooperation),” he said.

The minister acknowledged the bank’s growth over the past four years and said the bank has seen a substantial increase in customer enrollment under various social security schemes.

He commended all 1,400 employees of the bank whose dedication to serving the bank’s more than 17 lakh customers has resulted in an impressive growth of over Rs 3,000 crores over the past four years.

The KCCB received a registration certificate in 1920 and began operations in March of the same year. The bank currently has 26 branches with its head office in Dharamshala.

Over the past four years, the bank has experienced phenomenal growth in various indicators. The bank’s investments increased by Rs 2,324 crores while reserve funds increased by Rs 26 crores.

Net profit increased to Rs 87.53 Crore in the financial year ending March 31, 2022, from Rs 4.55 Crore as of March 31, 2018. (ANI)

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Virginia S. Braud