The Angul United Central Cooperative Bank Limited (AUCCB) has become the second cooperative bank in Orissa to have got the licence from the Reserve Bank of India (RBI) to conduct banking business.
The Orissa State Cooperative Bank was the first cooperative bank to have got the RBI licence for banking operations.
“AUCCB had fulfilled all the criteria of RBI and the license of the apex bank will enable us to legally run our banking business”, said Bibhudendhu Pattanayak, president of AUCCB.
Talking on the bank's financial performance, he said, “AUCCB posted its highest ever profit of Rs 13.15 crore in 2008-09 and the bank's net profit will go up further in 2009-10. The bank's net worth has gone up from Rs 36.98 crore in 2007-08 to Rs 42.25 crore in 2008-09 and the figure will touch Rs 50 crore in 2009-10.”
The bank has also made progress in areas like deposits and advances, he claimed. AUCCB has also introduced Universal Health Insurance scheme, Micro Insurance scheme and Life Insurance schemes to reach out to the poor people.
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