Co-Operative Society
Co-Operative Society
Co-Operative Society
TJSB believes that "customer delight" is the ultimate goal and has
a strong belief that Customers & all Stakeholders wholehearted
support, absolute faith and their patronage has largely been
responsible for its enviable growth. TJSB is committed to provide
banking with speed, comfort and convenience.
Technology Initiatives :
TJSB has initiated process for strategic alliance with other Banks
for the usage of their delivery channels by which nearly 5000
ATMs will be available to Bank ’s customers across the country.
Bancassurance :
Special Mention :
Chairman Desk
Dear Members,
Your Board of Directors have great pleasure in welcoming you to
this Annual General Meeting.
For the third year in a row the Indian economy has grown at 9% surpassing expectations
as well as earlier growth estimate of 8.70% for 2007-08.
The 9% growth follows the all time high growth of 9.60% in 2006-07 and 9.40% in 2005-
06. This marks the longest period of five successive years in Indian economic history that
the country’s GDP has grown at over 8%. The high growth has meant a significant rise in
per capita income which has grown from Rs. 11672 in 2003-04 to Rs. 24321 in year
2007-08. Surprisingly growth was propped up by agricultural and allied sectors
expanding by 4.5% in 2007-08, compared to earlier estimate of 2.60%.
According to Economic Advisory Council to Prime Minister the saving rate and the
investment rate touched 35.60% and 36.30% by end March 2008.
Both manufacturing and electricity showed sharply slower growth of 8.80% as against
12% in the previous year, industry grew 8.50% in 2007-08 against 11% in 2006-07.
Against the background of sound macro economic fundamentals of Indian economy. The
global economic situation, characterised by rising oil prices and a slowdown in US
economy following sub prime lending crisis however, may slow down economic growth
to around 8% (projected) during 2008-09.
According to experts, the tight monetary regime, high inflation, soaring crude prices and
problems in global financial sector will put pressure on growth in the current fiscal year.
International Monetary Fund (IMF) expects GDP growth to slow to 7.8 % in 2008-09.
On a year on year basis, WPI inflation stood at 7.40% as end March 2008 as compared
with 5.90% a year ago. WPI inflation jumped to 11.05 % on 7th June, 2008, highest in
last thirteen years. The increase in inflation is due to rise in basic prices which has
affected common man more.
The average price of the Indian basket of international crude oil increased by 27.6% from
$ 62.4 per barrel during 2006-07 to US $ 79.7 per barrel in 2007-08. The prices of crude
jumped to a high of US $ 135 per barrel in May 2008 and has almost breached the $140
mark. There are predictions that it may touch $200 by December 2008. This has led to
Rs. 2,45,000 crores estimated oil deficit in 2008-09. To offset this prices of petrol, diesel
and gas cylinder were hiked by Rs. 5/- per litre, Rs 3/- per litre and Rs. 50/- per cylinder.
While the increase in oil imports was lower at 26.4 % as compared with 31.2 % of the
previous year, non oil imports recorded a higher growth of 31.8% as compared with
22.60% of the previous year.
The sustained strength of capital inflows during 2007-08 is note worthy as the foreign
exchange reserves increased by US $ 110.50 billion to US $ 309.70 billion by end March,
2008.
While aggregate supply capacities expanded and alleviated domestic macro imbalances in
2007-08 to some extent, available indicators suggest that economic activity in India
currently continues to be mainly consumption driven.
The pick up in inflation during the fourth quarter of 2007-08 emanated from supply side
pressures such as the one off increase in domestic petrol and diesel prices to partially
offset the global crude oil prices increase over the year, continuous hardening of prices of
petroleum products, rising of prices of wheat and oilseeds and the adjustment in steel
prices in March, 2008 due to the surge in international prices
Particulars 2005/20062006/20072007/2008
GDP 9.40% 9.60%
10 year Bench
Mark Yield 7.36% 8.10% 8.10%
on G-SEC
Libor 5.25% 5.50% 2.93%
Bank Rate 6.00% 6.00% 6.00%
Inflation 3.96% 5.70% 7.40%
Performance of the Bank (Financial Year 2007-08 – From One Success to Another):
We will now turn to your Bank’s performance in Financial Year 2007-08. The year was
quite eventful for
the Bank for many reasons. We surged ahead in business performance, achieving record
business growth,
significantly improving asset quality and reducing NPA levels and firmly placing the
Bank on high technology
platform. The aggregate business of the Bank crossed Rs.3300 crore mark as on 31st
March, 2008.
During the Financial Year 2007-08 your Bank has taken over 2 Pune based Co.operative
Banks having
business mix of over Rs. 529.47 crores.
Particulars 31.03.2007 31.03.2008 % Increase
Paid up Capital 14.48 18.27 26.17
Reserves 183.69 250.60 36.43
Deposits 1328.52 2039.17 53.49
Advances 902.93 1285.46 42.37
Investments 601.29 883.11 46.87
Gross Income 139.97 206.74 47.70
Working Funds 1667.97 2596.01 55.64
Gross Profit 41.96 52.08 24.12
Deposits:
Your Bank’s Deposits have grown by Rs. 710.65 crores (an increase of 53.49%) during
the Financial
Year 2007-08 as against growth of Rs.255.46 crores (an increase of 23.81%) during
Financial Year
2006-07. The Cost of Deposit has gone upto 6.29%. The composition of Deposit
Mix is given below.
(Rs. in
Crores)
Advances:
(Rs. in Crores)
Profitability:
Appropriations :
Profits
The Gross Profit of the Bank stood at Rs.25.63 Crores despite
meagre trading profit in G-SEC transactions.
Operating profit was higher as a result of which your Bank has
been able to post net profit of RS.23.99 Crores.
Deposits
During the year the deposits grew by 14.30 % over the previous
year. Your Bank took a conscious decision to
put greater emphasis on mobilizing more low cost deposits.
Consequently the share of low cost deposits increased
to 37.48% from 34.28% last year, which in turn reduced cost of
deposits from 5.87% to 5.81% in the Financial
Year 2005-2006.
Sr.
Particulars Amount (Rs)
No.
1 Reserve Fund 15,60,80,000.00
2 Dividend to Shareholders – 15% 2,35,00,000.00
3 Charitable Fund – 1% 24,30,000.00
4 Members Welfare Fund 10,00,000.00
5 Investment Fluctuation Reserve 6,00,00,000.00
6 Balance for next year 8618.47
TOTAL 24,30,18,618.47
Dividend :
Expansion :
Expanding Horizons :
To open new branches in other states your Bank has plans to go for
multistate registration. In this direction your Bank has already
received NOC from The Reserve Bank of India, Registrar and
Commission for Co.operation Maharashtra State and also from
Karnataka State.
For registration under Multi State Co.operative Act Bye Laws need
to be amended.
Mergers / Acquisitions :
NPA Management:
Forex Business:
During the year under report, your Bank has done forex business for Rs. 330.12 crores
through its various correspondents. Under the money changing activity, bank has done
the business of around Rs. 200 lacs by purchase and sale of foreign exchange in the form
of currency and Amex travelers’ cheques. In the near future bank is expected to get
Authorized Category I license from RBI, wherein bank will be able to provide the forex
services on its own.
Bancassurance :
Bank is having a tie up with Max New York life Insurance
Company Ltd and The Oriental Insurance Company for Life, non
life Insurance business respectively. Under both the heads bank is
doing good amount of business and has earned the income by way
of commission up to Rs. 93.46 lacs during the period under report.
The Oriental Insurance Company has opened its Extension counter
at Sevadham office which is a unique feature under the Corporate
Agency arrangement. This will definitely help the Bank to offer
speedy and accurate service to its clients
Risk Management:
Your Bank recognizes that managing the risk is fundamental to the
business of Banking. Accordingly, the approach of your Bank is
pro-active.
The Investment & Credit policies of your Bank have spelt out
various risks embedded in these business lines and also the
mitigating measures for the same. Risk Management being a
continuous process, these laid down policies are tested from time
to time.
Your Bank has set up Risk & Planning Cell which has put in place
requisite risk management systems which are reviewed
periodically in the light of guidelines received from Reserve Bank
of India from time to time.
Investment:
Your Bank continues to have investment policy in place which is
reviewed continuously in accordance with the guidelines issued by
the Reserve Bank of India from time to time. Your Bank has taken the Negotiated
Dealing System (NDS), NDS Call & NDS Order Matching, NDS Primary Auction
Software and CBLO Software to place and settle all deals on the Electronic System.
Your Bank already has in place the system of internal audit of investment and treasury
transactions on quarterly basis as per the RBI Guidelines.
Your Bank has maintained adequate CRR & SLR as stipulated RBI during Financial
Year 2007-08. Similarly, your Bank has also maintained non SLR investment within the
prescribed limit set by RBI.
CRAR :
Notwithstanding the robust growth in the advances and enhanced risk weights assigned to
select loan segments, your Bank’s Capital to Risk Weighted Assets Ratio (CRAR) as on
March, 31st 2008 stood at 14.63%, way above 9% bench mark.
The pay scale of the employees of the Bank which as per earlier Memorandum expired
on 31st May, 2007, has been revised during the year for a further period of 5 years,
whereby compensation packages of employees in various cadres have been revised to be
comparable with the industry standard. The Bank has maintained cordial and healthy
industrial relations with the employees.
Good customer service has always been a top priority of the Bank.
The Bank maintains constant interaction with its clients through
customer meets which facilitates the Bank to evaluate, improve
and widen the range of services to the customers. The Bank holds
such meets regularly.
Membership:
The total membership of the Bank as on 31st March, 2008 stood 28975 at as against
26424 of the last year.
Your Bank also received first award as Best Bank instituted by the
Maharashtra Urban Co-operative Bank’s Federation Ltd.
Way Ahead:
Social Commitments:
Obituary :
We also mourn the sad demise of Late Hon. Shri. Baba Amte an
eminent Social Worker, Shri. Prakash Paranjape, Hon. M. P.,
Thane Constituency, Late Shri. Pramodji Navalkar, Member of
Legislative Council, Late Shri. Madhavrao Paralkar, an eminent
Social Worker.
We also mourn the death of Shri. Sushil Dhuru and Shri. Raju
Rudraksha, staff members of the Bank.
Acknowledgements :
We would also like to thank the team of Auditors for their co-
operation.
Sincerely yours,
(V.A.Vaishampayan)
CHAIRMAN
:::: Awards & Achievements:::
Best Bank In Maharashtra
The Indian Bank
Association (IBA) have
accolade TJSB with the
TECHNOLOGY BANK
OF THE YEAR award in
the
Co-operative Banks
category for FY 2009.
IBA has first felicitated
TJSB with Special Jury
Award for
"Acknowledging
Outstanding Achievements
in Banking Technology" in
the Year 2007.
Awarded by The Maharashtra Urban Co-operative
Bank's
Federation for 'Best Urban Co-operative Bank'
in Maharashtra For The Year 2004-05 amongst the
urban Co-operative banks having Deposits over
Rs. 500 crores.
TJSB has been awarded 1st Prize for the Best Co-Operative Banks
in Maharashtra by "Maharashtra State Urban Bank's
Federation Ltd." for the F.Y.2004-2005.
Senior Citizens
(p.a.) Duration
Revised Revised for Revised for Revised for
for deposit upto deposit above deposit upto
deposit Rs. 25 lacs Rs. 25 lacs Rs. 15 lacs
above
Rs. 25
lacsGene
ral
(p.a.)Co-
operativ 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
e
Societies
/ banks /
trusts
(p.a.)
46 days
to 180 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
days
181 days
to 12 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
months
Above 6.50% 6.50% 6.50% 6.00% 7.00% 7.25%
12
months
to
24
months
Above
24
months
7.00% 6.75% 7.00% 7.50%
to
36
months
Above
36
months
7.25% 7.25% 8.00%
to
60
months
Above
60
months
7.00% 7.00% 8.00%
to
120
months
"Bank has introduced new Deposit Scheme "KAR-
BACHAT"
which is eligible for deduction u/s 80C of Income Tax
Act, 1961.
Features of Scheme are as under:
Period of Deposit Five Years
Rate of Interest @ 7.25% p.a.
Eligible Depositors Single Individual / Joint Deposit
Not more than two
individuals as Joint Holders) /
HUF
Interest Payment Quarterly
Rs.1,00,000/- (Rs. One Lac
Only). Any individual as a
Well being of the Shareholders is always focus area for The Thane
Janata Sahakari Bank Limited. For benefit of the Shareholders
following Medical\ Financial Assistance Schemes are available.
Benefits :
Eligibility :
Tests Covered :
a. Blood, C.B.C, E.S.R., Blood Sugar
b. Renal Profile, Creatinine
c. Lipid profile, Triglyceride, Cholesterol, HDL/LDL/VLDL
d. Urine routine
e. Stool routine
f. Chest X-ray
g. E.C.G.
h. Pap smear (for ladies)
i. Consultation physician, Gynaecology (for ladies),
Opthalmology , Dental, Surgical / ENT (any one)
3 ‘Sadichha Bhet’
Benefits :
a. Gift of Rs. 5000/- to shareholder on completion of 70 years of
age
b. Gift of Rs. 2500/- on wedding occasion of Shareholder or of
one of his children
4 ‘Shraddha Nidhi’
Benefits :
a. Amount upto Rs 5000/- for Angiography
b. Amount upto Rs 10,000/- for Angioplasty, Cardiac
Bypass Surgery, Cancer Treatment, Kidney Transplant, Brain
Surgery, etc
Eligibility : - While applying shareholder should have
completed minimum 5 years of membership
- Shareholder should not be a defaulter as borrower /
guarantor while applying for the said scheme
All Persons of age of 60 years and above will be treated as
Senior Citizen and can get the benefits applicable for Sr.
Citizens decided by the Bank from time to time. For proof of
age valid certificate thereof viz. Voters Identity card or
Passport or Birth Certificate or School leaving certificate
should be submitted. The senior citizen can open Fixed Deposit
Account jointly with other person below the age of 60 years but
the first name should be of senior citizen. The scheme is
applicable for fresh deposit or renewal of deposit.
· Additional Rate of Interest on Term Deposit in select
categories Present rate of Interest for Term Deposits for Sr.
Citizens w.e.f. 8th September 2009
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::: FOREX :::
• Currency Changing
We change all the convertible currencies in exchange of Indian Rupees for our
clients. Also we issue the foreign currency for the persons going on business tour or
leisure trips, individually or in group.
• Traveller's Cheque
• Remittences
• POST - SHIPMENT
We handle the documents on collection for our exporters and credit the proceeds on
realisation.
We negotiate the documents through our correspondents against specific sanction of
limits.
We grant advance against the export bills sent on collection at a concessional rate of
interest.
We handle the inward remittances received as advance payments for exports.
• RUPEE EXPORT CREDIT
• IMPORT SERVICES
• Facilities Offered
o Internet Banking
::: Current Account :::
Features of Scheme
Additional Interest
Rate for Senior Applicable
Citizen
Features of Scheme
Minimum 1 year and
Period of Deposit
maximum 10 years
Quarterly Interest By Payorder
Interest Payment
/ Cash / Credit to Account
Maximum Amount
No Limit
of Deposit
Minimum Amount
Rs 1000/-
of Deposit
Pledging of Deposit Allowed
Premature Allowed with penalty of 1% in
Withdrawal interest rate
Additional Interest
Rate for Senior Applicable
Citizen
Eligible Depositors All depositors
Features of Scheme
Maximum Amount
No Limit
of Deposit
Minimum Amount
Rs 1000/-
of Deposit
Additional Interest
Rate for Senior Applicable
Citizen
Features of Scheme
Minimum 1 year and
Period of Deposit
maximum 10 years
Quarterly Compounding
Interest Payment
Interest payable on maturity
Maximum Amount
No Limit
of Instalment
Minimum Amount Rs 100/- per month
of Instalment
Pledging of Deposit Allowed
Premature Allowed with penalty of 1% in
Withdrawal interest rate
Additional Interest
Rate for Senior Applicable
Citizen
Eligible Depositors All depositors
Features of Scheme
Minimum 7 days and
Period of Deposit
maximum 365 days
Quarterly Interest payable on
Interest Payment
maturity
Maximum Amount
No Limit
of Instalment
Minimum Amount
Rs 1000/- per month
of Instalment
Pledging of Deposit Allowed
Premature Allowed with penalty of 1% in
Withdrawal interest rate
Additional Interest
Rate for Senior Applicable
Citizen
Eligible Depositors All depositors
:: Savings Deposit Account ::
• Facilities Offered
o Internet Banking
::: Any Branch Banking :::
Services Offered are
Customers of the Bank can withdraw the cash from
any of the branches of the bank by presenting the
cheque across the counter. Facility is opened to all
the Customers of the Bank. Similarly Funds can be
transferred from one branch to another branch of
the bank by giving the necessary instructions &
cheque for the amount to be transferred.
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:::: RTGS for Funds Transfer :::
RTGS facilitate the funds transfer across the Banks and Branches.
At present 95 Banks and 1435 Branches are under RTGS system.
Under RTGS system Inter Bank transactions and Customer
Transactions has been enabled by the Reserve Bank of India.
For sending the funds through the RTGS all you have to do is fill
& sign the Funds Transfer Instruction Form ( available at Branches
) along with all the necessary details, such as Name of the
beneficiary, Name of the Bank and Branch, A/c No. and IFSC
Code of the beneficiary’s Bank.
For receipt of the funds you need to give the IFSC Code of our
Bank & Branch to the remitter of the funds.