Mumbai, Jul 7 (PTI) Pune-based Janata Sahakari Bank will soon be applying for a multi-state operations license and plans to open up to five branches in Gujarat, Madhya Pradesh, Karnataka and Goa before end March 2012. "We will be seeking the permission in 3-4 months from Reserve Bank with a request to open branches in Nipani, Vapi, Belgaum and Indore," the co-operative bank's Chairman Arvind Khadilkar said. Presently, the bank operates 37 branches across Maharashtra and plans to add up to six more within the state by end FY 12, he said. The bank, which is now the fifth largest urban cooperative bank with a balance sheet size of Rs 5,700 crore, has come a long way and ended in the black for the first time last fiscal. It has had a tumultuous past wherein certain business decisions took it towards the brink of collapse in 2003 when the net non performing assets stood at a staggering 28.18 per cent, but it has been resurrected now, the Chairman added. Its Chief Executive V P Bhave said the bank is targeting to grow on all its key indicators this year and is targeting a zero net NPA this fiscal as compared to last fiscal's 0.43 per cent. The bank is targeting to grow the balance sheet size by around 23 per cent to Rs 7,000 in FY 12, he said. It is targeting the profit to increase to Rs 50 crore from FY 11's Rs 27.85 crore and the capital adequacy to increase to over 11 per cent from the present 10.70 per cent, Bhave said.
courtesy / source : www.ibnlive.com, PTI
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