Financial Daily from THE HINDU group of publications
Thursday, Apr 13, 2006
Financial Daily from THE HINDU group of publications Thursday, Apr 13, 2006 |
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Money & Banking
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Co-operatives States - Other States Goa co-op bank in expansion mode Our Bureau
The bank has decided to focus on micro-finance with special emphasis on retail business.
Panaji , April 12 The Mapusa Urban Co-operative Bank of Goa Ltd, a multi-State urban co-operative bank with a 24-branch network in Goa and the union territories of Daman and Diu, is scouting for partners and products, including insurance to expand its marketing portfolio and increase its profitability. The bank has also invited expressions of interest from private parties for supply of core banking solutions to network its branches. It is also looking for tie-ups for services like ATM, said the bank's Chairman, Mr Ramakant Khalap. Mr Khalap told newspersons on Wednesday that the bank, which had witnessed a run on its deposits a couple of years ago as it had found itself on the wrong side of the political powers then ruling the State, has turned the corner with increase in its deposits, a good recovery of non-performing assets and better financial results for the year ended March 31, 2006. The General Manager, Mr Joaquim D'Souza, said the bank has decided to focus on micro-finance with special emphasis on retail business. Following major setback in terms of overdues the bank has stopped advances to the real estate sector.
Enhance capital base
In a bid to enhance the bank's capital base, Mr Khalap said the bank plans to come out with a jubilee share issue soon. The bank recently completed 40 years of its existence. Expressing concern about the latest national Budget proposal to tax the profits of urban co-operative banks, Mr Khalap said the issue is being taken up by the National Federation of Urban Co-operative Banks with the Union Finance Minister seeking to withdraw the same. Mr Khalap was opposed to treating urban co-operatives on par with commercial banks, as both operated in different financial and political surroundings.
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