Panaji: Chairman of the Goa State Co-operative Bank (GSCB) U B Phaldesai, on Friday sought to explain the bank’s financial position following the constitution of a high level committee headed by the Chief Secretary.
Phaldesai explained that HLCs are constituted in every state at the instance of NABARD as a part of their institutional development function.
“The committee is set up to monitor the health of co-operative credit institutions on a continuous basis, to strengthen the co-operative sector in the state. In our state, such a committee was not formed earlier, and therefore, the same is constituted now as per directives of NABARD,” he said.
Clarifying on the financial position of the bank in the interest of the depositors, shareholders and public at large, Phaldesai said that, the bank has earned a net profit of Rs 40.2 crore for the year ended March 31 2020, followed by profit of Rs 12.7 crore for the quarter ended June 30 2020.
“After wiping out the past accumulated losses, the net profit is presently Rs 2.7 crore. The bank is complying with CRR and SLR requirements,” said the chairman. It may be noted that on August 27, the state government formed a seven-member committee to monitor the progress of the GSCB.
Phaldesai said that the formation of a committee resulted in misinformation in social media where it was
implied that the bank’s financial position is weak, which is a “wrong presumption.”
