Pune: Baramati Cooperative Bank announced that it would soon introduce online services to enhance accessibility and convenience for its customers.
The announcement was made at the bank’s 63rd Annual General Meeting held on Sunday (October 27), where bank officials also disclosed efforts to further reduce the Non-Performing Assets (NPA) to a targeted level.
In his address, Chairman Sachin Satav highlighted that the bank has successfully brought down its NPA to 4.83 percent.
Satav also revealed that a proposal has been submitted to the Reserve Bank of India (RBI) seeking approval to distribute a seven percent dividend to its shareholders.
Speaking on future goals, he emphasized the commitment of the directors and staff to achieve an NPA of two percent, with a long-term objective of reaching zero.
The meeting was attended by Vice-Chairman Vijay Galinde, Executive Director Ravindra Banker, Chief General Manager Vinod Rawal, board members, and notable dignitaries.
During the session, several members, including Tainoor Shaikh, Gnyandev Burungle, Govindrao Dhawan, and others, presented constructive suggestions for the bank's operations, which Satav assured would be considered for actionable steps.
Executive Director Ravindra Banker led the session by presenting the agenda, while the management provided updates on the bank’s performance metrics.
Key indicators of growth included the bank’s A-grade in auditing, substantial deposit growth reaching ₹2,155 crore, and loans disbursed totaling ₹1,428 crore.
The bank also reported that its self-fund now stands at ₹260.59 crore, and membership has expanded to nearly 21,000 members. Additionally, the bank’s deposits are now insured for up to ₹5 lakh, further bolstering customer trust and security.
