Mizoram Rural Bank registers 20.81% growth

Newmai News Network

Aizawl | May 15

Mizoram Rural Bank (MRB), the only commercial bank having presence in all the 8 districts of Mizoram, has registered 20.81 per cent growth during the fiscal year 2018-2019 with Rs 447 crore deposit against the corresponding period (last year) ending March 31,  2018.

MRB chairman, V Jaya Chandra told reporters on May 15 that the regional bank reached a total deposit of Rs 2595.05 crore as on March 31, 2019 against Rs 2147.95 crore from March 31, 2018.

He also said that the bank’s total income for the fiscal year ended March 31, 2019 was Rs 243.24 crore, which is 27.56 per cent increment over Rs 190.68 crore during the fiscal 2017-2018. The bank registered a Net profit of Rs 8.42 crore during the financial year 2018-2019, V Jaya Chandra added.

Out of the total ACP target of Rs 633.91 crore, the bank achieved Rs 444.05 crore up to the quarter ended March 31, 2019, which represents 70.05 per cent achievement against the target.

According to Chandra, the bank covers the entire state with a branch network of 85, which comprises 19 in urban areas, 17 in semi-urban areas and 49 in rural areas. He further said that the bank also achieved absolute growth of Rs 141.69 crore in advance as on March 31, 2019 from the corresponding period as on March 31, 2018, which represents 13.01 per cent growth.

The total business increased from Rs 3,237.28 crore during 2017-2018 to Rs 3,826.06 crore during 2018-2018, registering 18.19 per cent growth. The total credit ration of the bank as on 31 March, 2019 was 47.44 per cent which is 12.56 per cent less than the target. Besides several loans, the bank also extends student loan to economically underprivileged and promising students.

The MRB was established on September 27, 1983 under the Regional Rural Bank Act, 1976. It has 85 branches and 418 employees across the states.

Meanwhile, the rural bank on Wednesday rewarded three meritorious students, who topped class-X board exams this year.

Lalrinnungi, a 16-year-old daughter of a vegetable vendor, who topped the exam was rewarded with laptop and Rs 20,000 in cash, while second rank holder Angeline Lalpekhlui and third rank holder F Remsangpuia were given a laptop each and also Rs 10,000 each.

Besides, the bank also rewarded Given Lawmnakima Thiak, a 15-year-old boy from Bilkhawthlir, who passed the examination with distinction despite acute financial hurdle, with a laptop and Rs 10,000.