• Gangtok, East Sikkim 737101

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  • 20th AGM

    Citizens’ Urban Cooperative Bank Ltd Announced dividend for Share holders

    The Citizens’ Urban Cooperative Bank Ltd at its 20th Annual General Meeting (AGM) held on 20th September 2022 has announced 8(eight) per cent dividends for its share holders.

    In 2003, bank was established with license from Reserve bank of India  and certificate of registration from Cooperation Department , Govt of Sikkim with the objective to extend all type  Banking facility to the downtrodden  unprivileged section of people in the state of Sikkim and started operation with opening its first branch at Gangtok. .

    Bank has now completed 20 glorious years of service to the people of Sikkim with 6043  share holders, having  6(six) branches spread at  East  and South Sikkim and   20000+ highly satisfied customer base. Though initially, only poorer section of the people were attracted, now affluent section of people also prefer banking with us. Being attracted with higher rate of interest on deposits and concession in ROI on different loan product, there  is substantial increase in women customers during the last few years.

    Among the different lending schemes like MSME, Small business & Retail, SHG,JLG , most attractive one is” Citizens’ Shelter” – a hassle free  low cost home loan product .

    Shri P.K. Pradhan, Chairman of the Bank shared at the meeting that during the FY 2021-22, there was 10.18% (YoY) growth in Net worth, 11.98 % (YoY) growth in deposit. Bank’s net interest income grew by 4.37% while net profit was Rs. 55.83 lac (before appropriation) .

    MD & CEO T Chakraborty informed the stake holders’ present that Bank demonstrated excellent performance with among the lowest NPA in the cooperative Banks.  Gross NPAs stood at 2.46% compared with 3.54% a year earlier. Capital adequacy of the Bank has increased from 19.18% to 22.06% against statutory requirement of 9.00%.

    Chairman P.K  Pradhan also shared that during the current FY 2022-23, Bank is focusing on increase the CASA deposit and a healthy advance portfolio, maintaining GNPA below 2%  as well to increase new worth of the Bank.