Kishore Shitole: Customers should study a bank’s financial condition
Chhatrapati Sambhajinagar: The cooperative banking sector faces challenges due to the uncovering of numerous scams, causing customer panic following RBI actions. Customers should prioritize studying a bank 's financial condition before investing, rather than solely considering high interest rates. Despite these issues, some cooperative banks are performing well and setting a positive example, said Kishore Shitole, chairman of the Deogiri Urban Cooperative Bank.
Speaking at a press conference organised in the city on Wednesday, he said despite the challenges faced by the cooperative banking sector, Deogiri Urban Co-operative Bank has been doing well. The bank has received numerous awards for its excellence, including the best bank award by the Maharashtra Urban Co-operative Banks Federation Ltd. and the nationally prestigious Banco Blue Ribbon award for best bank.
Shitole also presented the bank's financial status through a PPT presentation. He informed that the bank's capital to risk asset ratio is 26.66 percent and the bank's net NPA is 0 percent. This year, the bank has made a record profit of Rs 39 crores.
Bank directors Sanjay Gaikwad, Rajesh Jain, Sandeep Pandit, Jayant Abhyankar and others were present.