Bombay Mercantile Co-op Bank more than doubles NPA recoveries in FY22

Bombay Mercantile Co-operative Bank more than doubled its NPA recoveries to Rs 13.54 crore in the fiscal ended March 2022. In FY21, the bank’s non-performing assets (NPA) recoveries stood at Rs 6.10 crore.

FY22, the bank registered a profit of Rs 2.36 crore despite the impacts of two Corona waves and their continuing after effects, its chairman Zeeshan Mehdi told shareholders at the bank’s annual general meeting on Friday.

The bank also launched its mobile banking app in FY22. And RTGS and NEFT transactions are also being made through the app, he said.

“During the year, we have also implemented UPI and BBPS services, and our customers can now make payments through Paytm, Google Pay and other payment platforms.

“Your bank is in the process of centralising operations, which will result in operational efficiencies and shorten turn-around time,” the chairman said.

The bank will shortly foray into the insurance and mutual funds business and it has received approval from the RBI already. It will further add to the bank’s growing revenue, Mehdi said.
Source: Economic Times

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