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Thursday, July 25, 2024

Tripura Gramin Bank total business soars by 10% to reach Rs 12,398.55 crore; Tops charts among Regional Rural Banks


By TC News Desk

Agartala, 10th May 2024:  Tripura Gramin Bank, operating under the aegis of Punjab National Bank (formerly United Bank of India), has reported a robust 10 percent increase in its total business, reaching a commendable figure of Rs 12,398.55 crore as of March 31, 2024, up from Rs 11,271.92 crore on the same date in the previous year.

In press conference held in Agartala on Friday afternoon, the Chairman of Tripura Gramin Bank Satyendra Singh elaborated on the bank’s financial growth and strategic achievements over the last fiscal year. “With a Credit-Deposit (CD) ratio of 40.88 percent, we’ve seen a consistent growth in our total business by 10 percent. Our deposits have surged by 9.70 percent to Rs 8,800.81 crore, while advances have increased by 10.72 percent, amounting to Rs 3,597.74 crore. The growth hiked from 547.93 percent in operating profit and 671.27 percent in net profit,” Mr. Singh stated.

The bank’s operating profit soared to Rs 153.04 crore, with a net profit of Rs 27.92 crore in the fiscal year 2023-24, marking a significant leap from the Rs 23.62 crore operating profit and Rs 3.62 crore net profit recorded in the previous fiscal year.

Singh highlighted the bank’s diversified income streams, including a substantial commission of Rs 1.54 crore earned through third-party product sales such as insurance. “Despite the challenging global bond market and rising interest rates, we’ve managed to secure a capital gain and trading profit of Rs 3.96 crore from our investments. Moreover, our interest income from investments has grown by 4.99 percent to approximately Rs 424.37 crore,” he added.

The bank has also made considerable strides in lending, disbursing Rs 2,192.64 crore under various schemes in 2023-24, compared to Rs 1,511.40 crore in the previous year. The Gross Non-Performing Assets (NPA) have been reduced to 4.69 percent from 5.10 percent, with the Net NPA standing at nil.

In line with its Corporate Social Responsibility (CSR) initiatives, Tripura Gramin Bank sponsored Aaradhya Das, a 9-year-old professional chess player from Tripura, with Rs 30,000 for participating in international chess tournaments. The bank also supported Samarth, a multidisciplinary rehabilitation center for differently-abled children, by distributing study materials on Children’s Day.

The Chairman proudly announced the deployment of 121 new Banking Correspondent (BC) agents, bringing the total to 439 BC points across Tripura, including 89 active BC Sakhi’s. He also unveiled the first solar-powered ‘TGB on wheels’, a mobile banking unit offering comprehensive banking services, including an ATM.

Tripura Gramin Bank has been recognized with numerous awards, including the “Award of Par Excellence” in the AMAZING ACHIEVERS OF APY (AAA)-2023-2024 APY Campaign, ranking first among 43 Regional Rural Banks (RRBs) in India. The bank also secured the “Annual Award of Inspirational Achiever” and the “Exemplary Award of Par-Excellence” in the APY CIRCLE OF EXCELLENCE-2023-2024 Campaign.

In the realm of social security schemes, the bank has enrolled a staggering number of individuals under various government programs, including 4,90,800 under PM Jan Dhan Yojana, 4,22,652 under PM Suraksha Bima Yojana, 1,81,074 under PM Jeevan Jyoti Bima Yojana, and 1,21,872 under Atal Pension Yojana.

Singh concluded the conference by detailing the bank’s extensive loan disbursements under various schemes, including KCC, Mudra loans, SHGs, PMEGP, and Swablamban, reflecting the bank’s commitment to fostering economic growth and financial inclusion in the region.

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