The Hindu Business Line : New India Co-op eyeing weak banks

New India Co-operative Bank is looking at acquiring weak co-operative banks. "We are looking at acquiring weak co-operative banks and have received several proposals but are reviewing them currently," said Mr Ranjit Bhanu, Chairman, New India Co-operative Bank Ltd. The co-operative bank is also the agent for distributing life insurance products for Max New York and general insurance products for Iffco-Tokio. The bank's net profit dropped to Rs 10.72 crore as on March 31, 2007 against Rs 12.94 crore last year. It has around 21 branches.

In 2006-07, deposits and advances of the bank also increased to Rs 744.82 crore and Rs 330.29 crore, respectively. Celebrating 40 years of its existence, the bank is offering 10.15 per cent interest on a 40-month deposit for a minimum balance of Rs 40,000. The bank has working capital worth Rs 1,090.12 crore and capital adequacy ratio of 30 per cent.

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