Tripura News: TGB emphasizes on MSME, agri-infra sectors for State's Socio-Economic growth
In line with the Government’s vision, Tripura Gramin Bank (TGB) continues to support the priority sector through different loan products and other financial services. The Bank aims at extending loan amounts to continue supporting the Government’s self-sufficiency initiative, especially in the agricultural infrastructure and MSME sectors for the socio-economic growth of the State people.
Chairman of the TGB, Satyendra Singh while highlighting the achievement of the Bank in 2023-24 FY pointed out that TGB is translating its financial growth into the socio-economic development of the people of the State.
Addressing a press meet in Agartala on Friday, Singh announced that TGB recorded a net profit of Rs. 27.92 crore for the financial year ending March 31, 2024, which was 671.27% increase compared to the previous year. Chairman Singh highlighted the bank's significant growth, with total business expanding by 10%, reaching Rs. 121398.55 crore as of March 31, 2024, up from Rs. 11271.92 crore the previous year. The bank's deposits saw a 9.70% year-on-year increase, amounting to Rs. 8800.81 crore. He also presented data on other financial indices indicating continuation of the growth of TGB in 2023-24 like previous FYs.
Singh was accompanied by accompanied by General Managers Shishir Kr Rohtagi and Santosh Kumar Rawat in today’s press briefing.
Reiterating TGB’s role in State’s socio-economic progress, Singh said, “Last year TGB achieved the target set by DFS in MSME, Agri sector. In viability plan for RRB’s against the target of 1000 Cr in MSME sector (outstanding), TGB achieved 1010.86 Cr. whereas in agri sector TGB achieved 1056.26 Cr (outstanding) against the target of 1050 Cr”.
“This year TGB's main focus would be the MSME sector. The target set for the MSME sector is 1050 Cr. and in the agriculture sector the target set is 1130 Cr.”, he said.
Clarifying further, the TGB Chairman said, “Tripura being a hilly State, large scale industries are at a scarce. So the focus of TGB would be to finance Cottage Industries which will bring economic upliftment. TGB would be focused to finance Bamboo based industries, handloom sector, agri infrastructure industries and other industries like water treatment plants, agarbatti manufacturing units etc.”
He also pointed out, “In agriculture, our efforts would be to cover all the uncovered farmers under KCC and to finance agri-allied activities like piggery, poultry, Goatery etc.”
TGB has achieved an impressive milestone of maintaining zero Net Non-Performing Assets (NPA), while also reducing gross NPA by 0.40%. The bank's Credit-Deposit (CD) ratio has improved to 40.88% from 40.50% in the previous fiscal year.
Singh highlighted the organization's strength, noting that despite an increase in the number of bank staff, TGB recorded an 8.64% rise in Business per Employee. The bank operates 34 ATMs across the state, with 21 in rural areas, 11 in semi-urban areas, and 2 in urban areas. Singh emphasized TGB's commitment to providing significant financial support and improving the lives of rural residents.
According to Chief Manager of the Bank, Sailesh Biswaranjan, even as all the numbers of the parameters are in absolute terms, these numbers hold good for the real terms as well, indicating that the TGB scripted growth even after taking into account inflation.
(Tripura, Tripura News)
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