Imphal Urban Co-operative Bank on road to recovery
Source: The Sangai Express
Imphal, April 05 2019:
Imphal Urban Co-operative Bank (IUCB) is back on track to become once again one of the best performing co-operative banks in the North-East region, said Registrar of Societies, Armstrong Pame today.
Imphal Urban Co-operative Bank had been facing rapid decline with high rising NPAs entangled with several legal cases which were hindering the performance of the bank in several parameters in the last 7-10 years, said Armstrong.
With over 23,000 share holders, it faces challenges to continue delivering the faith reposed on the bank by the shareholders.
It had come to such a point that RBI had rated its performance as one of the worst and imposed a strict regulation and kept it under Supervisory Action Framework-SAF.
However, over the last few months, the bank is on the road to recovery.
Looking at the financial position in the last financial year 2018-19, the bank has improved its performance.
Though the annual statement is yet to be audited, it is hoped that the bank's rating would soar up again and that it would soon be able to come out of SAF imposed, said Administrator and Registrar of Societies, Armstrong Pame.
The loan recovery over the last few months has shown very good progress.
In the financial year 2017-18, the position of NPA was as high as 60 % which now has been brought down to a 'remarkably lower percentage' .
Further, the Net Profit of the bank is on positive scale and is on the rise, he said.
The bank is also trying to complete all legal cases being put up against the bank and move forward to once again become one of the best cooperative banks in the entire North East region.
Once it comes out of the SAF regulations, all the shareholders will start reaping the benefits of their trust, said Armstrong.
The entire staffs led by Registrar of Societies Armstrong Pame thanked the share-holders and depositors for reposing their faith in the bank.