The 60th Annual General Meeting of the bank was organized in the auditorium of Subhash Yadav Coordination Building of Apex Bank. At the beginning of the meeting, the Managing Director of the bank, Mr. Manoj Gupta welcomed the Administrator of the bank and Additional Chief Secretary of M.P. Government, Mr. Ashok Varnwal. Thereafter, while informing all the members about the financial position of the bank in the meeting, he informed that Apex Bank has earned a cumulative profit of Rs 131.83 crore this year and has also received approval to distribute Rs 25.47 crore to its shareholders at the rate of 3 percent.
In the meeting, Mr. Gupta presented information regarding revision of the financial estimates of the bank for the year 2024-25 and review of the actual position as on June 30, 2024 and also approved the reports of financial estimates of work business for the year 2025-26 and approval of actual income-expenditure (audited) of the year 2023-24, revision of income-expenditure (budget) of the year 2024-25 and estimated income-expenditure (budget) of the year 2025-26 and after getting the audited financial sheets of the bank for the year 2023-24 reviewed, approved and confirmed the excess expenditure and obtained approval for appropriation/distribution of audited net profit of the bank for the year 2023-24 and M.P. In compliance with Section 49 (7) of the Cooperative Societies Act, 1960, all the members were also informed about the outstanding loans and advances in the name of the Administrator of the apex bank, his family members and close relatives.
Addressing the meeting, Apex Bank Administrator and Additional Chief Secretary, Cooperation in M.P. Government, Shri Ashok Varnwal, while discussing the financial position and functioning of the bank with the Chief Executive Officers of the District Bank, directed them to inform about the efforts made for the promotion of the business of the bank in their districts and expected that you should start special efforts to connect more and more people with the cooperative banks of the state by motivating them through innovation in your district, so that the cooperative movement of the state can become strong, robust and prosperous.
In the meeting, Principal and Special Duty Officer Mr. Sanjay Mohan Bhatnagar was awarded for “A” grade being awarded to Apex Bank’s Training College by NABARD; branch managers of Jabalpur, Kolar and Bharatpuri (Ujjain) of Apex Bank for deposit collection; Mandla, Balaghat and Vidisha district banks for meeting the demand for short-term agricultural loans; Khandwa, Vidisha and Shajapur district banks for maximum reduction in NPA; and Chief Executive Officers/Managers of PACS Rau (Indore), Kanavati (Mandsaur) and Niranjanpur (Indore) district banks for 100 percent member level recovery were also awarded.
