New Delhi, Aug 12 (IANS): Union Minister for Information and Broadcasting, Anurag Thakur, on Thursday congratulated the Kangra Central Cooperative Bank (KCCB) on its phenomenal turnaround.

The bank which had suffered a loss of around Rs 46 crore has earned a profit of Rs 87 crore in the financial year 2021-22.

The minister expressed his happiness that this also happens to be the highest ever profit earned by the bank.

Thakur reiterated the vision of Prime Minister Narendra Modi that the government is steadfast in its efforts to merge the spirit of cooperation with the spirit of ‘Azadi ka Amritkaal'.

"The Prime Minister has categorically stated that the government is working to ensure that cooperative societies become competitive in the market and get a level-playing field, and reduction in taxes on cooperatives is a move towards that goal," Thakur said.

He stated that the remarkable achievement of the bank will further the motto of 'Sahkarita Se Samriddhi' (prosperity through co-operation).

The minister acknowledged the growth of the bank in the last four years and said that the bank has seen substantial increase in enrolment of customers under various social security schemes.

The KCCB was issued certificate of registration in 1920 and started operations in March of the same year. The bank currently has 26 branches with its head office at Dharamsala.

During the last four years, the bank has seen tremendous growth in various indicators. Investments of the bank have increased by Rs 2,324 crore while reserve funds have grown by Rs 26 crore. Its net profit has increased to Rs 87.53 crore in the financial year ending March 31, compared to Rs 4.55 crore as on March 31, 2018.