Citizens Cooperative Bank achieves RBI deposit targets

Jammu, June 27 (UNI) Citizens Cooperative Bank Ltd, Jammu today said it has registered a 99.03 per cent achievement of deposit targets of the Reserve Bank of India.

The administrator of the bank Pramod Jain told mediapersons about the major achievements in financial year 2006-07.

''The largest urban cooperative bank in the Jammu and Kashmir has made a bench-mark progress in last fiscal,'' he said.

Mr Jain said the deposits of the bank have gone up to the order of Rs 178.26 crore as on March 31, 2007 as compared to deposit position of Rs 164.17 crore for the corresponding period last year, thus showing a growth of 8.59 per cent and 99.03 per cent achievement of the deposit targets.

During this period the advances of the bank have crossed Rs 93.97 crore, he said, adding that the cooperative bank had made a record recovery of Rs 14 crores in the financial year 2006-07 showing an increase of 52.46 per cent in recoveries on Non Performing Assets (NPA).

Recovery in award and decree cases, which had been a neglected area till now, has been spruced up and an amount of Rs 67.17 lakhs has been recovered besides recovery under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

The bank has made entry into insurance business on referral basis through a tie-up with Aviva Insurance Co India (Pvt) Ltd and ICICI Lombard, Mr Jain informed.

UNI