By Rabita Islamic News Agency(RINA),
New Delhi: Annual Report of Jamia Cooperative Bank Ltd. (JCBL), Sarai Julena, New Delhi, for the financial year 2007-08 approved by the 12th General Meeting of the members of the Bank held on August 24, 2008, and made public here ends on optimistic note with the Board of Directors’ decision to announce dividends at the rate of 16 per cent. Banks’ prospects have also swelled with an increase in the number of its members.
The annual report informs that the total number of all types of its accounts increased from 25,957 as on 31.03.2007 to 28,600 as on 31.03.2008, with maximum upward swing in deposit accounts. In monetary terms, the absolute increase in deposit accounts is recorded as Rs. 4,643.33 lakh against opening value of Rs.3, 645.10 lakh.
Share capital and reserves of the Bank have also registered significant increase. While the share capital at the end of current financial year stands at Rs. 231.60 lakh in comparison to Rs. 200.47 last year, JCBL reserves increased from Rs. 759.55 lakh to Rs. 915.31 lakh during the same period. The liquidity position of the Bank is reported by the Reserve Bank of India as ‘comfortable’ since their present CRAR is 37.68 per cent as against the statutory requirement of 9 per cent.
These statistics clearly portray not only the financial soundness of the Bank but also the public faith and trust as well as the quality of personalized services rendered by it. As per Board of Directors’ proposal Rs. 3,50,000.00 have been appropriated thius year for general welfare fund and Rs. 20,000.00 for cooperative education fund out of total profits of JCBL Rs. 1,84,86,239.00.
JBCL was established in 1995 to finance poor and small vendors and petty traders on minimal rates of interest. Presently, it has two branches at Batla House and Abul Fazl Enclave where a big chunk of lower and middle section of Muslim community lives. Mirza Faridul Hasan Beg told RINA that hundreds of underprivileged families have become self-reliant by benefiting from JCBL’s easy loans payable in convenient installments.
Appealing to JMI authorities for showing special cooperation with Bank, Mirza Faridul Hasan further said, “Besides offering banking services and promoting economic progress of the country by helping the poor, JCBL is also proving to be the means of mutual cooperation and communal harmony and if it big investors and businessmen of the area would cooperate with it in a big way, it could expand its services and activities on a large scale.” However, he told that JCBL will shortly open a branch in Madanpur Khadar, another underprivileged locality.
Link:
http://www.jamiacoopbank.com/