M Visvesvaraya Co-operative Bank aims to cut its NPAs to under 5 per cent of advances by March 2005 from about 8 per cent now. The bank is leaning on the RBI-directed one time settlement scheme (OTS), besides rescheduling of corporate debts to bring about this turnaround. | |
| Senior officials, while announcing the bank's silver jubilee celebrations said that the OTS scheme alone will help recover over Rs 3 crore. |
| |
| They added that the result of the exercise is already being felt as net NPAs were declining. Net NPAs for the year-ended March 2004 was reported at 8.42 per cent of the total advances or around Rs 10 crore. |
| |
| Total advances then stood at Rs 117.03 crore. However, according to provisional estimates the NPAs fell to under 8 per cent as on September 30, officials said. |
| |
| Further, the bank is realigning its lending strategy. It targets to lend at least Rs 5 crore to 10 crore by this fiscal end to 30 businesses. |
| |
| M Visvesvaraya Co-operative Bank is the second largest urban co-operative bank in the state, with Rs 336 crore deposits and 17,522 members. |
| |
|
| |
