Bank Achievement

As per the provision under section (4) of the Bye law of the Bank the authorized share capital of the Bank shall be Rs.50.00 Cores any made up
Rs.100.00 Cores each allotted to State Govt., Central Govt. and Cooperative Societies Body Cooperative and individual member. The paid up Share Capital position of the Bank as on 31.03.2020 stood Rs.8524.94 lakhs as against Rs.7833.31 lakhs of the last year resulting an increasing of Rs.691.63 lakhs. The growth rate 9% of the previous year. The Comparative statement of paid of share capital of the Bank for the year last 5 year is given below. As per the Circular No. VI(1)36/ 2007 (Part – 1) / 7852 / Audit – 8 Dt.07.10.2011 of Director Co-operative Audit, in pursuance of amendment in the provision u/s 41 (1) of the OCS Act. one proviso was inserted which stipulates that “In case of Co-operative Credit Society the State Govt. shall not subscribe directly to the Share Capital of the Society exceeding 25% of Share Capital of such Society. In excess of 25% of the paid up share capital of Society / Bank, it shall convert, the excess share over and above 25% into a grant from the State Govt. to that Co-operative Societies or the Co-operative Bank as part of restructuring package. Accordingly Rs.120.07 lakhs i.e. 25% of over and above paid up share capital has been transferred to other fund and reserve. So the position of paid up share capital has been decreased to that extent.