Chhattisgarh Rajya Gramin Bank Shines in FY 2023-24 with 0% NPA and Rising Profits Despite Challenges

Chhattisgarh Rajya Gramin Bank (CRGB) has achieved outstanding results for the fiscal year 2023-24. The bank’s audited financial data reveal a remarkably low Net Non-Performing Asset (NPA) rate and a significant increase in business volume, reflecting an impressive turnaround.

The audited data for FY 2023-24 show that CRGB has not only reduced its net NPA to zero but has also seen substantial growth in several key metrics, including operating profit, net profit, net worth, deposits, and advances. Despite facing a range of challenges, the bank has maintained its upward trajectory, demonstrating its resilience and capacity for sustained success.

Image: FY Audited Results of CRGB 

Outstanding Performance Amid Adversities

Chhattisgarh Rajya Gramin Bank (CRGB) operates in one of India's most significant conflict zones, consistently excelling despite substantial security challenges in Maoist-affected districts. According to a Government of India report, 10 districts in Chhattisgarh are affected by Maoist insurgency.

But the bank’s remarkable reach and community-focused approach have defied all odds as evident in the fiscal year 2023-24 data.

Speaking on the issue, Kartavya Saxena, General Secretary, CRGB Employees Association told Kanal, “Chhattisgarh Rajya Gramin Bank provides exceptional service, reaching even the last person in rural society. They offer door-to-door services for customers over 70 years of age, with over 93% of their branches operating in rural areas. This has contributed to an impressive 17% growth in business, with a Net Interest Margin (NIM) of 4.62%.”

He further noted, “The 22% Return on Equity (ROE) margin stands unmatched among other banks, given the numerous challenges faced, marking a significant accomplishment.”

The banker added, “Delivering financial services in a state with geographical challenges is no easy feat, yet CRGB has made financial inclusion a top priority, as evidenced by their results.”

Soaring Profit and Minimal NPA

Chhattisgarh Rajya Gramin Bank (CRGB) has posted impressive results following its March audit, with net profit reaching Rs. 296 crore, a growth of 77.24%, excluding provisions.

Notably, the bank’s Net Non-Performing Asset (NPA) rate is a remarkable 0%, while the Gross NPA stands at 2%, indicating excellent credit quality. The bank's deposits have also reached Rs. 16,248 crore, demonstrating strong risk management. Meanwhile, loan advances have increased by 25.21%, reaching Rs. 8,034 crore.

Chhattisgarh Rajya Gramin Bank was established in 2013 through the amalgamation of Chhattisgarh Gramin Bank (CGB), Surguja Kshetriya Gramin Bank (SKGB), and Durg Rajnandgaon Gramin Bank (DRGB). The bank's head office is in Raipur, and it is sponsored by the State Bank of India. It operates across the entire state of Chhattisgarh, spanning 33 districts with 10 regional offices and 613 branches.

Despite operating in one of India’s most challenging conflict zones, Chhattisgarh Rajya Gramin Bank's outstanding performance reflects its dedication to serving rural communities. The bank's remarkable results underscore its commitment to overcoming obstacles and delivering excellent service, highlighting a successful balance between growth and risk management.