Chairman's Message

I feel privileged to present the Annual Report for the fourth consecutive year,along with the Financial Statements of the Bank for the Year 2021-22. The last two years have been most difficult years with the outbreak of Covid-19. Besides having its devastating effects on the healthcare systems of the world and the psyche of the people, the pandemic has left almost all the economies of the world in a bad shape. The continuous lockdowns have massively impacted the economy of the state. In a year when economic conditions were tough, I am proud of the progress we have made as a Bank leading with our values, taking a “people first” approach - prioritising wellbeing and health of workforce while continuing to foster business for advancement.

Despite facing multiple headwinds Mizoram Rural Bank delivered a robust performance in 2021-22 with a growth of ₹ 523.52 Crore at 8.43% in Bank’s business, touching 6730.53 Crore. Deposits have touched an all time high of ₹ 4220.23 Crore and Bank achieved the MoU Budgeted target set by our Sponsor Bank on Advances touching ₹ 2510.30 Cr with a growth of ₹ 458.17 Crore at 22.33%. The Bank had launched a Festival Campaign from 11.10.2021 to 31.12.2021 as a result of which the YOY Housing loan increased by ₹ 156.95 crore @ 21.33% and thereby achieved its Housing Loan target. The share of low-cost Current Account and Savings Account (CASA-Domestic) deposits in total deposits stood at healthy 60.04%.Despite putting ₹ 54 crore in provisions for NPAs, the Bank registered a Net profit of ₹ 49.44 core vis-a-vis previous FY’s figure of ₹ 38.55 Crore. Bank received recapitalisation assistance of ₹ 11.82 crore from GOI and ₹ 11.82 crore from Sponsor Bank respectively during the financial year 2021-22 that resulted in improvement of Bank’s CRAR to 11.53%. Bank managed to decrease Cost of Deposits at 3.58% and increase its Net Interest Margin at 4.30%.

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 which have resulted in decreasing our Gross NPA to 5.29% and Net NPA to 0.50%. The Bank settled 456 cases and has settled 6.02 crore under Compromise settlement scheme/OTS/Lok Adalat. With a Provision Coverage Ratio of 90.55% against 59.59% of the previous FY, Bank has achieved the benchmark 75% coverage.

During the year, major reshuffling of portfolios at the administrative and branch level was put in place. This exercise had been undertaken to ensure continuity of the high standards already in place, as well as to present new challenges to personnel in key areas which are done in a manner that allow appropriate time for an effective transition of responsibilities.
While digital is the way forward it is the employees who make the difference. We are making efforts to empower staff with the requisite skill building and enhancement in line with the evolving business requirements. Special focus is being given on imparting skills in different practical aspects of Banking. The Bank has continued to give utmost importance to continuous training of all staff members. During the year, the Bank has organized and conducted several training programmes and provided training to staff members.

Bank is fully committed to taking banking to the remotest parts of the state, with 10 new branches opened during the Financial Year 2021-22, today, over 78 per cent of the Bank’s branch are located in rural and semi-urban areas. The Bank also offers last mile access through mobile applications such as BHIM, UPI, Scan and Pay.

The Bank has introduced new digital transformation initiatives during the year. The Bank has launchedin- house developed application systems for easy & effective monitoring of data like CSS Monitoring System and Loan Leads Management System. The service of Loan Leads Management System will help the branch to generate leads related to loans and advances online. Bank is now live in CKYC. Specific staff has been assigned the task of uploading CKYC related documents. The Bank’s motto is to increase the usage of Alternate Delivery Channels to become more digital, as it not only saves huge cost to bank but also ensure our alignment with Government’s mission of Digital India. Mobile Banking and other Alternative Delivery Channels have been popularized widely among our customers, as a result Mobile banking Registration have increased to 4431 during the year, taking the total to 54157. With over 209868 lakhs Active RuPay cards and more than 234 Bank Mitras operating in 210 villages, the Bank is slowly but steadily extending its scope to cater to the needs of the people even in remote villages.

The Bank is among the leading Bank in Mizoram in extending social security initiatives like APY, PMJJBY, PMSBY to its valued customers as envisaged by Government. A cumulative total of 8538 customers under APY, 69991 under PMJJBY and 97539 under PMSBY have been enrolled till 31.03.2022. To bring more under-banked sections of the population into formal financial channels, Bank has opened over ₹ 3.70 lakh accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) since its inception. Financial Awareness is continued to be spread even to the remotest part of the state through social media and FLCs. 44 Financial Literacy awareness camps were conducted during FY 2021-22 despite the pandemic. The Bank has made its responsibility to society one of its most important agendas. Bank’s belief is that businesses should support the communities in which they operate.This year we have expended more than ₹ 134 lakhs under CSR scheme, which are aimed at providing financial services for rural area development, poverty eradication, health and medical care etc.

I place on record our sincere gratitude to the Government of India, Government of Mizoram, State Bank of India, Reserve Bank of India and National Bank for Agriculture & Rural Development for their valuable support for the progress and development of the bank. My sincere thanks to our Board of Directors for their valuable guidance and supports all through the Board meetings.

I thank each and every member of the bank’s work force for takingtheir dedication to new heights this past year as they worked towards meeting and overcoming the challenges and ensured uninterrupted banking services to our consumers when they needed them the most. I take pride in all of you for weathering the storm with your unwavering commitment and support throughout the year,thereby reinforcing my belief in the resilence of our institution. I also thank the customers of our Bank for reposing confidence in our Bank and giving us the opportunity of serving them.

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