Dimapur, May 25 (MExN): The 287th meeting of the Board of Directors of the Nagaland State Cooperative Bank (NStCB) Ltd was held in the Conference Hall of the Chief Secretary, Nagaland at Kohima on May 24. Temjen Toy, IAS, Chief Secretary Nagaland and Chairman of the Bank chaired the meeting.
A press release issued by Lipoktoba Aier, General Manager (Admn & Vigilance) stated that the board reviewed the Development Action Plan (DAP) for 2017-18, where the Bank has earned a profit of Rs 860.11 Lakh.
Board reviewed and approved the DAP for 2018-19. The Development Action Plan for 2018-2019 was planned, projecting a profit of Rs.1308.00 lakh as on March 31, 2019, a growth of 51.98 % over 2017-18 as against a growth of 17.11% as on March 31, 2018; for deposits a targeting growth of 18.00% has been determined as on March 31, 2019 with a 16.55% growth from CASA deposits.
The DAP 2018-19 has projected the growth target for loans and advances at 25.06% over the previous DAP-2016-17 which will ultimately elevate the CD ratio of the bank to 65.67% from 61.97% thus registering a growth projection of 5.98%.
Further, the bank has planned its income from interest earned on loans and advances, at Rs 6187.48 Lakh, earning on investment at Rs 2328.70 lakh and others Rs.176.72 Lakh culminating a gross income receipt of Rs.8692.00 lakh. The bank has estimated an expenditure of Rs.7384.90.00 lakh. The gross income of Rs.8692.00 lakh after providing for total expenditure of Rs.7384.90 Lakh will be netting an income of Rs.1308.00 lakh as on March 31, 2019. The Business (Deposits plus Advances) growth is estimated at 20.70% during 2018-2019 from 17.43% of 2017-2018.The Balance Sheet size is expected to grow at 16.43% during 2018-2019. A total of 31 action taken report and agenda were discussed and decisions were taken.
The meeting was attended by Kekhwengulo Lea, Vice Chairman of the Bank, A. Chumremo Odyou, IAS, Secretary Cooperation, Nagaland, Wepe Ritse, Registrar of Cooperative Societies, Nagaland, S.K Dhumal, GM (OIC), NABARD, RO Nagaland, Elected Board of Directors and Co-opted Board of Directors. Imtilemba Longkumer, Managing Director attended the meeting as Member Secretary and Lipoktoba Aier, GM (Admn & Vigil) as Invitee.
