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Rajasthan Marudhara Gramin Bank Shines with Strong Profits and Growing Customer Trust
Rajasthan Marudhara Gramin Bank (RMGB) excels in FY 2023-24 with a 28.85% profit increase and reduced NPAs, demonstrating resilience despite staff shortages and infrastructure issues.
Author: Saurav Kumar
Published: May 9, 2024
Rajasthan Marudhara Gramin Bank (RMGB) has delivered remarkable results for the fiscal year 2023-24. The bank's audited financial data indicate a significant increase in profit, advances, and overall business volume, reflecting an outstanding performance.
The FY 2023-24 data show that RMGB has excelled across key metrics, including net profit, advances, deposits, and Non-Performing Assets (NPAs). Despite encountering challenges such as staff shortages, the bank has continued on an upward trajectory, demonstrating its resilience and ability to meet customer needs while maintaining robust growth.
Outstanding Year-on-Year Profit and Growing Trust
Rajasthan Marudhara Gramin Bank (RMGB) has achieved impressive results in its March audit, with a net profit of Rs. 129.33 crore, reflecting a significant increase of 28.85%. A member of the RMGB Officers & Employees Association told Kanal, “RMGB’s operating profit has increased by 15% year-on-year over the past three years, leading to consistent Performance Linked Incentives (PLI) for bank staff.”
He further noted, “Our advances have risen by 11.27%, reaching Rs. 12,823 crore, which underscores our commitment to serving rural customers and indicates the growing trust of the people.”
The available data also show that RMGB has made considerable progress in reducing Non-Performing Assets (NPAs). The official also said that, “RMGB brought down its NPA from Rs. 544 crore in FY 2022-23 to Rs. 543 crore in FY 2023-24. The overall Net NPA rate stands at just 1.35%. Moreover, the bank has managed to prevent any fresh NPAs, in addition to its stellar performance.”
RMGB was established in April 2014 after the amalgamation of Marudhara Gramin Bank and Mewar Aanchalik Gramin Bank, creating a new entity sponsored by the State Bank of India, with its head office in Jodhpur.
RMGB operates across 26 districts in Rajasthan, with 717 branches. Despite challenging conditions such as water scarcity and geographically disadvantaged areas, the bank has continued to thrive, demonstrating its resilience and capacity to serve the rural community effectively.
Image: Financial Result of Rajasthan Marudhara Gramin Bank
Improvement in Business and PCR
Rajasthan Marudhara Gramin Bank’s (RMGB) focus on rural customers is reflected in its business volume and Provision Coverage Ratio (PCR), despite challenges like inadequate infrastructure and staff shortages during its fiscal year 2023-24.
RMGB achieved a business volume of Rs. 31,587 crore, indicating a 10.57% increase, while its PCR reached 69.23%, showing an improvement of 14.74% from the previous year. The bank’s business per branch also grew to Rs. 44.12 crore, an increase of Rs. 4.22 crore.
This outstanding performance underscores the bank's dedication to its rural base and its ability to thrive despite adverse conditions. The growth in business and PCR indicates that RMGB's approach is yielding significant results, reinforcing its commitment to serving the rural population.