Assam Gramin Vikash Bank records net profit of Rs 5080.57 cr in 2009-2010

      The Assam Gramin Vikash Bank (AGVB) on Monday completed its fifth year of existence, while recording an impressive net profit of Rs 5080.57 crores during 2009-2010. AGVB, a unique and progressive bank has 356 branches spread across the State, lending flexibility to its customers to open an account in any branch. The bank is ranked fourth in the State for recovery as well as for providing loans. “Our average recovery is about 70 percent and as far as grant of loan is concerned the figure on 31.3.2010 is that we have our position fourth or fifth at all places,” said S N Sahu, Chairman of Assam Gramin Vikash Bank (AGVB). “In industry and agriculture our position is fourth in state and in advancing loans we are fourth, in deposits also we are in fourth position in the entire state,” he added. The bank has plans to open 15 new branches in Assam . “This year we had a profit of 25.88 crore; this should be raised to 47 crore, deposits should be 4500 crore, advance should be of 2200 crore and disbursement of new advance of 800 crore. We are about to open 15 new branches for which we have got five new licenses. Soon these branches will be opened,” said Sahu. He also mentioned that soon ATMs will be open and CBS (core banking service) will be made to attract major customers since fund transfer is difficult without these added services. As a rural bank, AGVB provide all kinds of loans for agriculture, dairy, poultry, fishery, self help groups etc. Scores of rural entrepreneurs have benefited from the financial aid extended by AGVB. Rajiv Chaudhary, an owner of a shop rendering Xerox services said the Gramin Vikash Bank is giving good support to the people here. “My account is six to seven years old. I recently took loan from the bank for the photocopy, Xerox machine,” said Chaudhary. The bank has played a pivotal role in bringing about a congenial atmosphere in Assam by encouraging formation of SHGs. So far, AGVB has linked up 1.12 lakh SHGs and extended credit facilities to 80,625 more covering over a million beneficiaries.

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