Tripura, Jan 21 (KNN) Tripura State Cooperative Bank (TSCB), which is celebrating its 60th foundation day on Saturday, announced that the bank has lost business due to demonetization of high value currency notes.

TSCB Managing Director Swapan Kumar Saha told reporters that Bank’s credit-deposit-ratio (CDR) would have been 57 per cent this year, but because of demonetization the CDR sttuck at 52 per cent.

Acknowledging the customers and employees, he added that bank have received demonetized old notes, that is Rs 1,000 and Rs 500 worth of around Rs 135 crore.

He also expressed his grace as according to him, with the help of the people and sincere employees it become possible to overcome the demonetization.

According to the TSCB Chairman Haripada Chakraborty, currently bank has 63 branches in semi-urban and rural areas with existing business of Rs 3,475 crore.

“Since 2008-09 the bank has been runing on profit and posted a net profit of Rs 20.56 crore in the last financial year (2015-16) and in the current fiscal (2016-17) the bank targets a profit of Rs 22 crore,” he added.

TSCB chairman revealed that bank would open six-to-seven new branches soon to cope with the rising demand of the people.

The TSCB, oldest cooperative bank in the northeastern region of India, was established in 1957 under the Bombay cooperative societies act. (KNN)