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The bank registered a net profit of Rs 8.42 crore during the financial year 2018-2019
The bank registered a net profit of Rs 8.42 crore during the financial year 2018-2019|Representational image | Pixabay
MIZORAM

Mizoram Rural Bank registers 20.81% growth

The regional bank reached a total deposit of Rs 2,595.05 crore during the fiscal year 2018-2019 as against Rs 2,147.95 crore in the corresponding period a year ago

Henry L Khojol

Aizawl: Mizoram Rural Bank (MRB), the only commercial bank having presence in all the eight districts of Mizoram, has registered 20.81% growth during the fiscal 2018-2019 against the corresponding period ending March 31, 2018.

MRB chairman V Jaya Chandra told reporters on Wednesday that the regional bank reached a total deposit of Rs 2,595.05 crore as on March 31, 2019 against Rs 2,147.95 crore from 31 March, 2018.

He said that the bank’s total income for the fiscal year ended March 31, 2019 was Rs 243.24 crore, which is 27.56% more than Rs 190.68 crore registered during the fiscal 2017-2018.

The bank registered a net profit of Rs 8.42 crore during the financial year 2018-2019.

Out of the total ACP target of Rs 633.91 crore, the bank achieved Rs 444.05 crore up to the quarter ended 31 March, 2019, which represents 70.05% achievement against the target.

According to Chandra, the bank covers the entire state with a branch network of 85, which comprises 19 in urban areas, 17 in semi-urban areas and 49 in rural areas.

He said that the bank also achieved absolute growth of Rs 141.69 crore in advance as on 31 March 2019 from the corresponding period as on 31 March, 2018, which represents 13.01% growth.

The total business increased from Rs 3,237.28 crore during 2017-2018 to Rs 3,826.06 crore during 2018-2018, registering 18.19% growth.

The total credit ration of the bank as on March 31, 2019 was 47.44% which is 12.56% less than the target.

Besides several loans, the bank also extends student loan to economically underprivileged and promising students.

The MRB was established on September 27, 1983 under the Regional Rural Bank Act, 1976. It has 85 branches and 418 employees across the states. The bank also has total 8,74,668 numbers of deposition account and 61,107 loan accounts.

The rural bank on Wednesday rewarded three meritorious students, who topped Class X board exams this year. Lalrinnungi, a 16-year-old daughter of a vegetable vendor who topped the exam, was rewarded with laptop and Rs 20,000 in cash, while second rank-holder Angeline Lalpekhlui and third rank-holder F Remsangpuia were given laptop and Rs 10,000 each, respectively.

Besides, the bank also rewarded Given Lawmnakima Thiak, a 15-year-old boy from Bilkhawthlir, who passed the examination with distinction despite acute financial hurdle, with a laptop and Rs 10,000.