The 73rd Annual General Meeting of Pune People's Co-op. Bank Ltd., Pune, a prominent Multistate Co-operative Bank, took place on Sunday at 10am at The Pune Merchants Chamber's auditorium. The meeting, chaired by CA Janardhan Ranadive, was conducted in a lively atmosphere with most members in attendance.
During the meeting, significant contributors to the Cooperative Department were honored. Additional Commissioner and Special Registrar Shailesh Kotmire was recognised for his contributions. Noteworthy depositors, credit institutions, and individuals from various sectors, including social, educational, industrial, and sports, who supported the bank’s growth, were also acknowledged.
In his response to the felicitation, Shailesh Kotmire expressed his gratitude, stating, "I regard myself as a dedicated worker in the cooperative sector, having served faithfully for the past 31 years. The success I have achieved is a result of the support and blessings from dignitaries and well-wishers in the cooperative community. Co-operatives have been instrumental in providing financial stability to the common people, and their role in Maharashtra’s development is significant. Pune People's Bank exemplifies how transparency and member trust can drive success, adhering to cooperative principles. I cherish my close bond with the bank and its Board of Directors and appreciate the warm welcome."
Pune People's Co-op. Bank
Pune People's Co-op. Bank is one of Maharashtra's leading multi-state co-operative banks, surpassing a total business volume of ₹2,378 crores for the financial year ending 31st March 2024. This figure includes ₹1,471 crores in deposits and ₹908 crores in loans. The bank boasts a net NPA of 0%, a C.D. ratio of 61.70%, and a net profit of ₹16.20 crores. Consistently paying a 12% dividend to its members, the bank has now declared a 12.50% dividend for the reporting year. The dividend will soon be credited to members' accounts.
By the end of August 2024, the bank achieved notable business growth. Despite competitive challenges, the bank is enhancing its financial capabilities through modern banking technologies. With 21 branches and a central office, Pune People's Bank has operated successfully for 72 years, offering services such as UPI, IMPS, a Mobile Banking App, Rupay ATM, QR Code, and NACH. RBI has recently approved new branches in Baramati and Walanj (Sabhajinagar), with operations expected to start soon.
The bank is also pursuing new initiatives, including UPI Lite, Rupay contactless ATM cards, cloud-based data security systems, and the issuance of separate IFSC codes. Future plans involve expanding branches to other districts, launching internet banking services, and achieving Scheduled Bank status, as highlighted by Senior Director Adv. Subhash Mohite.
The meeting was conducted by Sanjay Bhondve, the bank's Chief Executive Officer. Chairman CA Janardhan Ranadive addressed members' questions, while Senior Director Adv. Subhash Mohite guided the proceedings and thanked all participants.
