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Chairman's Message

It gives me immense pleasure to present the Annual Report, along with the Financial Statements of the Bank, highlights of the Bank's performance and important milestones reached during the Financial Year 2020-21. The trust of our customers and the dedication of our Employees helped us achieve phenomenal results.

The Financial Year 2020-21 was a tremendous year for our Bank. We have crossed a milestone of ` 6000 crore in total business. The bank’s business has registered a notable level of ` 6207.01 crore with a growth of ` 1193.45 at 23.80 % from ` 5013.56 crore. Total business of the Bank has crossed ` 4000, ` 5000 and ` 6000 crore mark during the last two financial years. Our Bank has achieved the MoU Budgeted target set by our Sponsor Bank, both in Deposit (103.88%) and Advances (117.24%). Deposits increased by ` 676.75 crore at 19.46% and Advances increased by ` 516.71 crore at 33.65%. Our CASA % stood at 61.07%, there was a growth of ` 460.80 crore at 22.19 %. Despite putting over ` 47 crore in provisions for NPAs, Wage arrears and pension liabilities etc, the Bank registered a Net profit of ` 38.55 core as on 31.03.2021 against MoU target of ` 35 crore, an increase of `25.23 % at 189.43% from previous FY. We managed to increase our business per employee by ` 3.12 crore. Business per employee increased to ` 14.11 crore from previous FY figure of ` 10.99 crore. The Bank has opened 4 new branches during the current year and even with a total of 89 branches spread across the state, business per branch increased to ` 69.74 crore from ` 58.98 crore of previous FY.
The impact of Covid-19 and resulting restriction on business and individual activities has led to significant decrease in economic activities. Loan repayment moratorium period granted to borrowers had been lifted just before the end of the FY and this has resulted in the Bank’s NPA to drastically rise from 5.19% to 6.07% during the year. However, the Bank remain focused on the needs of our customers and ready to extend our support to our customers. We are extending special loan schemes and adopted RBI initiated Resolution Framework 2.0 to provide some degree of relief to customers whose operations and livelihood are impacted and affected by Covid-19. Tremendous amount of time and energy have been spent in reduction of NPAs. Several workshops were conducted on NPA management, Recovery mechanism and Compromise Settlement. Branch wise and account wise follow up and monitoring is continuously conducted with monthly Performance Review Meetings. A system of monitoring NPA online (MRB-NAIS) was also developed in-house. I am hopeful that with diligence and hard work, our NPA will be reduced to the required level before the end of the current FY.
The Bank has continued to give utmost importance to continuous training of all staff members. As social gathering has been prohibited because of the pandemic, the Bank have designed Online Training Courses for its staff and have also nominated our staff in Online Training Courses conducted by training institutions like BIRD (Lucknow), BIRD (Mangalore), State Bank Learning Centres, etc. During the year, the Bank has organised and conducted 25 training programmes and provided training to 217 staff members.
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Mizoram Rural Bank
Head Office : MINECO,Khatla
Aizawl - 796001
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Mizoram Rural Bank
Head Office : MINECO,Khatla
Aizawl - 796001
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