Managing Director Abhijit Kumar Deb, Vice Chairman H Kashito Yepthomi, along with the Board of Directors of NStCB during its 55th Annual General Meeting held at its Head Office, Dimapur on October 25. (Morung Photo)
55th NStCB Annual General Meeting held
Morung Express News
Dimapur | October 25
The 55th Annual General Meeting of the Nagaland State Cooperative Bank Ltd (NStCB) was held at the conference hall of its head office, Dimapur.
The Managing Director, Abhijit Kumar Deb presented the Annual Report of Directors for the financial year (FY) 2023-2024 highlighting the performance of the bank on major parameters. While welcoming the delegates, partners and societies from different districts of the state, Deb expressed delight at the overwhelming turnout of a packed conference hall.
The total paid-up capital of the bank stood at Rs 6988.77 lakh as on March 31, 2024 from Rs 6971.05 lakh as on March 31, 2023.
The business mix of the bank registered a growth of 7.95% while the CD ratio increased by 1.16%.Overall, the bank’s performance on all financial parameters were encouraging, the net profit which grew by 235.85%, read the report.
While reaching the remarkable milestone of 56 years, the bank has also made a significant achievement of being able to declare dividend to shareholders of the bank, after a span of 26 years of post implementation of Prudential Norms of RBI in Rural Cooperative Banks (RCBs).
The Gross NPAs of the bank has reduced by 1.74% as compared to last year, while the net NPAs declined by 2.79 %.
Meanwhile during the programme, Board of Director, Voto Neikha presented the Auditors Report, Audited Statement of Accounts for the year ended 31-03-2024 together with Audit Compliance for the approval of the general body.
The Statutory Auditor M/s Tosniwal & Co, Chartered Accounts accorded “B+” audit rating to the bank with 72.60 marks under CAMELSC parameters approach.
Board of Director, C Yanchumong Chang presented the Revised Budget for 2023-24 and Estimated Budget for the years 2024-25 & 2025-26 for perusal of the general body. The house perused the revised budget and resolved to approve the same by raising hands.
In a first, the payment of dividend for the FY 2023-24 was conducted by the Board of Director, Wepe Ritse.
Board of Director (BOD), LN Ngullie presented the Amendment of Clause 16(a)(5) of NStCB Ltd for consideration of the house.
Newly elected Board of Director, Y Angam from Longleng in his short speech, thanked the Cooperative Society of Longleng for nominating him to the BOD. He assured to give his best effort and improve the business of the bank.
Rev Dr Chingmak Chang who also spoke on behalf of the delegates acknowledged the bank’s continued support in giving out bulk loan to the societies in Tuensang. While the interest rate might be high as compared to other banks, Chang maintained that one was simply ‘passing on the money to our own people and not draining it out of the state.’ And once the public are made aware of such acts, they would be more willing to pay the interest rate, he added.
While considering the state revenue, Chang held that around 40-50% goes out for salary including pension. He said that the 50% of the state revenue goes to only 9-8% of the population who are government employees, which includes the ‘proxy teachers, doctors, nurses who do not remain in station.’
In order to reach out to the 90 percent of the population, he put out a challenge to the bank, even as he maintained that it was the bank who can bridge the gap, filling in the wide disparity among the local populace.
The Nagas are a simple people and if they are made aware of the schemes and projects, the bank and the public can have a conducive relationship, he noted, while urging the NStCB to bring more awareness to every block and village in the state.
Registrar of Cooperative Societies/Addl RCS, Nagaland, Alangla Thonger also addressed the gathering. As bankers she highlighted the importance of integrity to gain the trust of the account holder.
While acknowledging that majority of the banks in Nagaland have NPA issues for which it cannot move forward due to poor recovery, she however held that the NStCB should look back at the inner strength of the bank, where more than 90% of the employees are natives of the state. “If we can utilise local networking, the NPA issues can be solved as the bank has the backing of the state government, NABARD and the local population,” she stated.
While the NStCB too has its own guidelines for disbursement of loans, she noted the need for taking bold initiatives like identifying few good young upcoming entrepreneurs in every district and handhold 100% with them so that their business success can be a model for other young entrepreneurs in the state.
GM (OIC) NABARD, RO Nagaland, P Bulte also addressed the gathering.
A member of the Self Help Group (SHG) from Pukhato village also shared the group’s success stories, through loans obtained from the NSRLM.
Vice Chairman, NStCB Ltd, H Kashito Yepthomi who chaired the meeting delivered the chairperson’s remark. He informed that mobile banking will soon be operative, while noting that the NABARD plays a crucial role in providing the service. He informed that 22 societies in Zunheboto district will soon be computerised. He urged all the branch managers and the societies to contribute in bringing down the NPAs. Yepthomi also acknowledged that the milestone today was the distribution of dividend. He called upon the rest of the societies to work hard and get the benefit the coming year.
The Nagaland State Co-operative Bank Ltd (NStCB) is sponsored by the Government of Nagaland. It is the second largest bank in the state, giving service to the people since April 21, 1967. The bank is fully computerised and has 21 branches spread across the state.
The bank envisions emerging as a strong vibrant bank through synchronisation of human, financial and technological resources.
During the event, awards were also presented to the winning societies on four different categories.
