PATIALA: Malwa Gramin Bank, Regional Rural Bank sponsored by State Bank of Patiala held its Board Meeting today to declare the financial results of the Bank for the year ended 31st March 2008.

N.K. Bansal, Chairman Malwa Gramin Bank advised that the Bank has recorded impressive growth in the business during the financial year ended 31.03.2008. Deposits of the Bank increased to Rs. 314.28 crores recording a growth of Rs.74.53 crores (31.08%). Advances of the Bank increased to Rs.276.03 crores registering a growth of Rs. 66.04 crores (31.44%). Profit of the Bank is Rs.11.25 crores showing an increase of Rs. 1.24 crores over the previous year. The total business increased by Rs. 31.25% during the year ended 31.03.2008.

Bansal further told that the gross NPAs of the Bank stood at Rs. 2.50 crores which are below 1%. Net NPAs are 0.58% of total Advances. The Bank also earned good income on cross selling business.

Bansal informed that the Bank has not only achieved but surpassed all the benchmarks/goals fixed by the Govt. of India/Reserve Bank of India/ NABARD.

The Chairman further informed that during the year, achievements in enhancing the flow of credit to Agriculture is 31.60% which is in consonance with Govt. of India's guidelines as to doubling the flow of credit to Agriculture in 3 years. It is worth-mentioning that we have achieved a rare feat of 148.59% growth (more than double) in just three years i.e. from 01.04.2005 to 31.03.2008, as regards financing to Agricultural Sector is concerned.