Achievements
During the fiscal year 2023/2024, we have total of 16,133 members by year-end. The total share capital amounted to Rs. 3,23,48,920.
Throughout the reporting year 2023/2024, we accepted savings, fixed deposits, and homesafe recurring deposits. Deposits increased by Rs. 1,40,31,73,668.02
The bank disbursed Rs. 1279420635.50 across various categories to members during 2023/2024. By year-end, the outstanding loan balance was Rs. 12,101,79,625, with overdues totaling Rs. 2,159,07,025, representing about 15% of the total outstanding.
Non-remittance of loan installments has presented significant challenges, impacting loan sanctioning and disbursement processes. Measures have been taken to address all overdue loans, including staff contacting loaned members directly. The bank has adopted all central and state government loan revival and waiver policies promptly. We urge all loaned members to ensure timely repayments to help reduce the bank's overdue percentage.
In the financial year 2023/2024, the bank initiated 12 group deposit schemes with options of Rs. 50,000.00, Rs. 1,00,000, Rs. 2,00,000, and Rs. 3,00,000. By year-end, there were 36 active group deposits. Plans are underway to launch new group deposit schemes monthly at both the Head Office and branches.
The bank manages a fertilizer depot to facilitate the smooth distribution of manure and pesticides among members and farmers. In collaboration with the Grampanchayath and agriculture department, the bank offers subsidized rates on manure to members and farmers.
Neethi Supermarket offers a wide range of quality groceries, fresh produce, and household essentials at competitive prices, ensuring a convenient shopping experience for customers.