|
Devika Urban Cooperative Bank ltd. came into existence on 3rd of November 1998.Its head quarter is housed in the
Registered Office at P.N Dogra Market. After an initial struggle the bank started yielding profit and paying dividend to
its Shareholders. This bank boasts of being the only institution in the cooperative banking sector of the J&K state
which is consistently paying dividends for the last nine years. Though the bank is in its infancy yet the Cooperative
and Reserve Bank of India have rated it as the best Institution in Cooperative banking sector.
Devika Urban Cooperative Bank is a primary Cooperative bank that deals in deposits like Saving Bank Accounts,
Recurring Deposit Accounts, Current Accounts, Fixed Deposits and Advances to priority and Non-Priority sectors.
Currently the Bank's Deposits are over Rs.86 crore and Advances are above Rs.49 crore. The Bank's paid up share
capital is Rs. 2.11 crore as on date and has over 4700 Shareholders. All these years, the bank has been a profit
making and dividend paying bank. The bank has made all the statutory, income tax and prudential provisions as
required by Law and the Regulators of the RBI. The audit rating awarded by Statutory auditors is always "A" for last
so many years. The continuous efficient performance of the bank has encouraged its management to expand its
service. Though currently the Bank’s area of operation is confined to Udhampur and Reasi District but its expansion
plans are under consideration. This Bank also has the privilege of being the first banking Institution in cooperative
sector of J&K to go online by implementing Core Banking Solution (CBS). With this magnitude of initiatives taken and
dynamic vision of the Management, this bank certainly has an enviable future.
|
