The Nainital District Cooperative Bank (NDCB) has introduced real time gross settlement (RTGS) facility in which different departments, companies including the private sector can do big financial transactions like monthly salary settlements of their employees in no time.
The NDCB has tied up with Yes Bank to be armed with this RTGS facility. The RTGS service is now on with our bank and to provide our clients this facility we have tied up with the Yes Bank, BC Pande, DGM, the NDCB, while talking to The Pioneer.
Now any departments including the private sector with the help of this facility of our bank can do major financial transaction easily, he added.
It is to note that registering a net profit of `522 lakh as on March 31, 2012, the net profit of the same cooperative bank went upto `560 lakh as on March 31, 2013.
However, as the officials concerned of the NDCB have said, for banks like NDCB which deals with financial matters on a conventional cooperative mode of banking, such modern banking facilities like the RTGS can go a long way in strengthening financial health of the said bank.
The officials concerned have attributed the increasing profit margin of this cooperative bank to better recovery that it made during this financial year till March 31, 2013.
Whereas the NDCB’s recovery percentage was 93.98 per cent this year till June 30, 2013, recovering `8520.10 lakh against dues worth `9066.33, during the corresponding period last year the said cooperative bank’s recovery percentage was recorded 90 per cent ,recovering 6956.73 lakh against dues worth `7701.36 lakh till June 30, 2012.
However, the NDCB, Haldwani, is yet to get cleared `4.12 crore that it provided to the farmers in the form of interest subsidy, from the State Government for the past about three years.
But the officials concerned of the aforesaid co-operative bank have maintained that delay on part of the State Government in clearing the backlog of the interest subsidy, won’t have any adverse impact on this cooperative bank’s ability to provide the financial assistance to the farmers ahead