'Tripura bank lose business due to demonitisation'

Tripura State Cooperative Bank (TSCB), which is celebrating its 60th foundation day on Saturday, lost business due to demonitisation of high value currency notes by the central government, officials said here on the day.

"Our credit-deposit-ratio (CDR) would have been 57 per cent this year, but because of demonitisation of high value currency notes by the central government the CDR sttuck at 52 per cent," TSCB Managing Director Swapan Kumar Saha told reporters.

He said: "We have received demonitised Rs 1,000 and Rs 500 old notes worth of around Rs 135 crore. With the help of the people and our sincere employees we have overcome the problems that arose due to demonitisation."

The TSCB, oldest cooperative bank in the northeastern region of India, was established in 1957 under the Bombay cooperative socities act.

TSCB Chairman Haripada Chakraborty said that currently the bank has 63 branches in semi-urban and rural areas with existing business of Rs 3,475 crore.

"Since 2008-09 the bank bas been runing on profit and posted a net profit of Rs 20.56 crore in the last financial year (2015-16) and in the current fiscal (2016-17) the bank targets a profit of Rs 22 crore," he added.

Chakraborty said that the bank, which presently has 9,85,938 customers, would open six-to-seven new branches soon and undertake modernisation plans to cope with the rising demand of the people.

--IANS

sc/in