NPAs worth Rs 6 crore recovered by Bombay Mercantile Bank in FY21

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The Bombay Mercantile Bank in 2020-2021 has recovered non-performing assets that cost over Rs 6 crore in 2020-21. The bank is optimistic of more recovery going forward. The recovery of bad loans has been a focus area for the bank. The bank was had been strategising policy through personal follow-ups and legal steps to recover NPAs.

Zeeshan Mehdi, chairman, Bombay Mercantile Co-operative Bank, said in his address at the annual general meeting (AGM), “The bank’s strategy has helped the recovery of Rs 6.10 crore, in NPA accounts. Due to the pendency of cases in various courts whose functioning was hampered because of the pandemic, resulting in delays in final verdicts, the recoveries in many NPA accounts could not be achieved as targeted.” During 2020-21, the bank made a business of Rs 3,467.55 crore, of which deposits were Rs 2,363.38 crore and advances Rs 1,104.17 crore.

On digitisation of banks, he said that the banks are also leveling up with the pace of technology. He said that the bank is launching Mobile-App for the customers to meet the emerging business challenges.

The implementation of these digital initiatives would result in the enhancement of the customer experience, he said. The bank has also been granted its own IFSC code by the RBI.