About The Bank
The Citizens Urban Coop. Bank Ltd., Jalandhar started functioning on 17 November 1989 with 62 Members and Share Capital of Rs. 10,500/-. The Area of Operation was confined to the Municipal Limits of Jalandhar and Jalandhar Cantonment. The Area of Operation of the Bank has been extended to the whole State of Punjab.
Right from the day of its registration, the bank has shown commendable progress in all the fields of banking.
The Paid-up Share Capital is Rs. 13.16 Crores as on 31 March 2015. To strengthen the financial position of the bank, the bank has accumulated an amount of Rs 57.21 Crores as Own Fund as on 31 March2015
It is worth mentioning that the Capital Adequacy Ratio of the bank at present is 13.90% whereas the required ratio according to the R.B.I. Instructions are 9% which shows the financial strength of the bank. The Total Business of the bank has gone up to Rs 874.00 Crores.
As on 31 March 2015, the deposit of the bank has gone up to Rs. 568.00 Crores. Our bank is providing higher rate of interest on deposits to its members, sr. citizens and pensioners as compared to the other banks in order to increase their income who are mainly dependent upon the income on their savings The bank has got the network of 15 branches and all the branches are functioning successfully and are in profit. The bank is providing credits on easy terms and at comparatively low rates of interest to meet all the financial needs of its members i.e. Loans and Advances to Small Scale Industries, Road/Motor Transport Operators for purchase of vehicles, retail traders/small business enterprises, professional and self-employed, housing loans and consumption loans etc.The total advances as on 31 March 2015 are Rs.305.00 Crores. To fulfil its commitments to serve the weaker section of the society and to finance the priority sector of the government, the bank has advanced Rs. 232.00 Crores which is 76% of the total advances. The C.D. Ratio of the bank is 54% whereas the CD Ratio of Jalandhar District is approximately 31%.
The bank has earned net profit of Rs. 5.23 Crores during the financial year 2014-15. The bank is running in profit since its inception and has been declaring dividend every year.
The Bank has brought a revolution in banking segment in its area of operation and is contributing to the needs of the localities by providing attractive saving schemes and need based credit on reasonable terms and competitive rate of interest. The Bank is pioneer in introducing cooperative movement for urbanities and providing them an opportunity to become a partner in banking industry and avail triple benefits as an investor, depositor and borrowers.
We are one of the leading banks among cooperative banks to have incorporated “CBS” (core banking solution) and have our own state-of-the-art Data center at the headquarters of the bank. We have adopted ultra-modern operations increasing efficiency and effectiveness of work keeping in mind the needs and necessities of all our members. The bank is at the breakthrough of adopting and implementing ATMs and also collaboration with other banks to make the ATMs service nationally available. All the branches have all been customized with modern facilities and infrastructure providing our employees a healthy and a comfortable working environment and our customers a pleasurable experience.
Management / Organization Structure
The Citizens Urban Coop Bank Ltd., Jalandhar is a body corporate registered under the Punjab Cooperative Societies Act 1961 and the rules framed there under. The Bank functions according to the Bye-Laws framed by it and registered by the Registrar, Cooperative Societies, Punjab. The Bank is governed under the democratically elected Board of Directors who is well reputed persons of the area. The term of the board is 5 years. The Board is well diversified and is being represented by various sections of the society including bankers, educationists, cooperators, industrialists and traders. The Board is further assisted by experienced professionals like Financial Consultants, Legal Advisors, internal and external auditors.
Computerization and Automation
The Bank is pioneer in introducing information technology in cooperative sector in its area of operation. All the branches of the bank have been fully computerized and air-conditioned and providing all Modern Banking facilities to its customers. The Branches have undergone complete renovation to provide interiors at par with private sector banks. As all the branches have been computerized, now the bank will initiate the process of implementing Core Banking Solution in all its branches.
Other Financial Services
To provide effective customer service and having long relationship with the customers, the bank is providing other financial services like distribution of Life Insurance products in all its branches. The Bank has tied up with ICICI Prudential Life Insurance Co. Ltd. for distribution of their products without risk participation. This not only increases the Non Fund based income of the Bank but also increases its core banking business through cross selling. The Bank endeavors to be a one stop financial shop for its customers.
Reserve Bank Of India and RCS, Punjab has already issued NOC for area of operation to the entire state of Punjab. Bank has also applied to RBI for two more licenses at Amritsar and Ludhiana and it is hoped that the licenses will be issued by RBI very shortly.
Bank has its own corporate office at newly constructed building at 506, New Jawahar Nagar, Jalandhar with the capital of Rs. 5.00 Crores having area about 22000 sq.ft. for its use. The Head Office and Head Office Branch of the bank are functioning in the said building.
Board of Directors
|Sh. P.S.Jolly||Vice Chairman|
|Dr.Karan Sharma||Managing Director|
|Sh. Ravi Datta||Director|
|Sh. Vikramjeet Joshi||Director|
|Sh. Sushil Kumar||Director|
|Sh. Rajpal Singh||Director|
|Sh. Som Parkash Arora||Director|
|Dr.Balbir Raj Sharma