Aizawl: Mizoram Rural Bank (MRB) has set a record as the largest bank in the state in terms of loans and advances and operation of branches, an official said on Monday.
Loans and advances of the bank during the last fiscal 2022-23 stood at Rs. 2,891.69 crore registering a growth of 15.19 per cent (Rs. 381 cr) from the previous fiscal 2021-22, MRB chairman V. Jayachandra said.
He said that the bank’s CD ratio stood at 58 per cent.
The MRB sanctions loans for various sectors, including housing, agriculture and under Central schemes.
Customers can avail of Rs. 1.6 lakh as an agriculture loan and up to Rs. 10 lakh for the business sector without any guarantor or security.
The MRB operates in all 11 districts and 26 rural development blocks of Mizoram with a branch network of 102 comprising 23 urban, 20 semi-urban and 59 rural, Jayachandra said.
“The MRB is the largest bank in Mizoram in terms of loans and a number of branches. It has a market share of 30.37% in deposits and 35.54% in loans and advances as on March 31 this year,” he told at a press conference in Aizawl.
He said that the bank’s market share has increased by 2 per cent in deposits.
The regional rural bank jointly owned by the Centre, Mizoram government and State Bank of India (SBI) has also set a new record by registering a net profit of Rs. 65.19 crore during the financial year 2022-23, which was the first time the bank registered a net profit of above Rs. 50 crore in a year since its inception in 1983, according to Jayachandra.
The net profit of the bank during fiscal 2021-22 was Rs. 49.44 crore.
The bank’s deposits during the same fiscal stood at Rs. 4,969.88 crore registering a growth of 17.76 per cent from the previous fiscal, the chairman said.
He said that the total business of the MRB has increased by Rs.1,131 crore (16.8%) and stood at Rs. 7,861.57 crore in 2022-23.
The bank has also contributed Rs. 1.81 crore towards Corporate Social Responsibility (CSR) during the same fiscal, he added.
MRB was established in 1983 under the Regional Rural Bank Act 1976.
It currently has over 9,66,580 deposit accounts (88.59% of the total population as per the 2011 census), and 69,212 loan accounts.
The bank has also employed over 300 casual workers besides 477 regular staff.