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KCCB to launch UPI service by July 15: Chairman
The Kangra Central Cooperative Bank (KCCB) will introduce UPI- Unified Payment Service for its customers soon, bank chairman Rajeev Bhardwaj said on Friday.
The Kangra Central Cooperative Bank (KCCB) will introduce UPI- Unified Payment Service for its customers soon, bank chairman Rajeev Bhardwaj said on Friday.
“The last phase trial of the UPI service is underway and we expect the service to be launched by July 15, 2022,” said Bhardwaj, while addressing a press conference here.
He said the bank was trying to get on board the UPI platform for the last two years. “However, it is a long process which is now in the final leg of trials,” he said.
Bank clocks ₹87-cr profit
Bhardwaj said the KCCB’s balance sheet was published on Thursday and the bank clocked a profit of ₹87.53 crore in the financial year 2021-22.
“When I took over as chairman in 2018-19, the bank was in a loss of ₹45.16 crore which came down marginally to ₹40.33 crore in 2019-20,” he said.
He said the bank gained a profit of ₹3.47 crore in the financial year 2020-21.
“It is a big achievement that the bank covered up losses of the previous year and is in a net profit of about ₹9 crore,” said Bhardwaj.
He said that the KCCB’s working capital has also increased from ₹13,528 crore in 2018-19 to ₹15,373 crore in 2021-22 while the bank’s business has grown by ₹3,000 crore.
Bhardwaj said the bank has more than 18.41 lakh customers. “I thank all my directors, officers and staff of the bank for their contribution in achieving the feat,” said the chairman.
He further said that the KCCB is also the implementing agency of various insurance and other schemes in the rural areas of the five districts of the state.
Under the PM Jeevan Jyoti Bima Yojna, we have enrolled 29,608 cases and 82,470 cases under PM Suraksha Bima Yojna.
Similarly, under the Atal Pension Scheme, the bank has enrolled 2,864 cases.
He said the CM Swamlamban Yojna is an ambitious scheme of the state government to make the youth of the Himachal self-reliant.
He said the bank has also given ₹1.33 crore dividend to the state government and the cooperative institutions.
Bhardwaj admitted that NPA was the biggest challenge in the current era. He said that out of a total of ₹4,100 crore loans given by the bank, 30% are NPA.
“We have prepared a roadmap and the NPA figures are likely to come down in the next three-four months as the recovery goes up,” he said.
