Board of directors claims that the bank has made a profit
Chhatrapati Sambhajinagar: The Reserve Bank of India (RBI) has removed restrictions on Dr Babasaheb Ambedkar Urban Co-operative Bank. Prahlad Ambhore, chairman of the bank, informed in a press conference that the bank has now made a net profit by making up for the old loss of nearly Rs 2.5 crores.
The new board of directors implemented a sound policy of loan disbursement and recovery during the last year. He said that the success has been achieved by increasing lending, increasing the professional skills of officers and employees. Bank deposits have also gone from Rs 12 crores to Rs 24 crores. Moreover, depositors are refunded the amount as soon as they demand. Ambhore said that the bank has increased the loan limit from Rs 5 lakhs to Rs 10 lakhs.
Krishna Bankar, director of the bank, said that as the RBI has removed all the restrictions, now the bank is going to expand its operations soon. Moreover, this is the success of the efforts of the board of directors in the last nine years. Directors Vijay Magre, Dr Pramod Duthade and Balwant Ragde were present.