Cooperation Minister Damodar Rout on Wednesday informed the Assembly that the Cuttack Central Cooperative Bank has already overcome its accumulated loss of over Rs32 crore and is making profits now.
“In 2012-13, the Cuttack Cetntral Cooperative Bank had a accumulated loss of over Rs32 crore. By making profits every year since 2012-13, the accumulated loss has been met and the bank is now running with profits.
The bank had earned Rs5,81,39,000 net profit in 2014-15,” the Minister said while replying to question of BJD MlAs Prabhat Ranjan Biswal, Jiban Pradip Das and Muktikant Mandal.
The Minister further informed that the State Government has already instructed State Public Sector Undertakings (SPSUs) to deposit their money in Central and State Cooperative Banks so that they would make more profits. He said that 93 per cent Government deposits now go to nationalised banks and only three percent to cooperative banks.
In order to meet establishment expenses, the cooperative banks need to disburse more loans and collect more interests, he said.
There are 17 Central Cooperative Banks running across the State, he said.
He urged upon private individual and organisations to make deposits in cooperative banks. He ensured that customers can withdraw their whole amount of any amount within 48 hours of application from the cooperative banks.