Greetings from Chaitanya Godavari Grameena Bank.
The financial year 2020-21 had an unusual situation prevailing across the globe on account of spread of COVID-19 virus as pandemic right from the beginning of the year. Growth in our country contracted to (-) 7.30% in FY2021. But as agriculture and allied activities are mostly neutral to the impact of the pandemic and as our entire workforce at all levels, more particularly those at branches, took pain in rendering uninterrupted banking facilities to the clientele as frontline Covid warriors, our bank could register its business growth notably.
The business growth amidst stiff competition in the operational area owes to the unperturbed trust reposed by the clientele on the customer service of the bank and it is acknowledged with humility.
Deposits of the bank grew at 21.56% to Rs.6539.67 crore from the previous year level of Rs.5379.71 crore, as against the CAGR in deposits of 19.06% for the past five years.
Advances of the bank grew at 27.67% to Rs.6877.33 crore from the previous year level of Rs. 5386.68 crore, as against the CAGR in advances of 20.91% for the past five years. Priority sector advances constituted 93.63% of the total advances as on 31st March 2021, even after sale of Rs.600.00 crore under IBPC.
Investments also increased from Rs.1322.20 crore to Rs.1684.58 crore during FY2021 recording a growth rate of 27.41%.
The growth trajectory of the bank during the year under reference has been in tune with the desired goals set for as evident from the targets under MoU with sponsor bank, Union Bank of India and achievement there against.
The agenda set for the bank under the Regional Rural Banks Act, 1976 is never lost sight of and the bank continues to provide banking to the neglected and disadvantaged sections of the Society in the rural hinterland in its area of operation. The growth in business from Rs.685 crore to Rs.1131 crore during FY2021 under ‘Financial Inclusion Project’ is a candid reflection of the same.
It is accepted now in the industry that notwithstanding the second wave of COVID-19, the economy of the country is bound to regain in FY2022 through its innate strength. With increase in growth capital of the bank on account of CRAR surging from 11.49% to 12.41% as on March 2021, the bank is earnestly poised to extend more credit to the farm sector in FY2022.
As the bank could adapt itself to the challenges posed during FY2021, it is a profound optimism that the business performance during FY2022 will be a step ahead. Growth, Asset Quality and Profitability are regarded as the anchor parameters in our journey forward.
The support of all stakeholders of the bank is truly solicited and the bank vows to provide unimpeded service to the clientele in the years to come.
Thank You All
T Kameswara Rao