Sangli teachers' bank declares 5% dividend, raises loan limit to Rs 20 lakh

The 74th annual general meeting of the Sangli District Primary Teachers Cooperative Bank is scheduled for Sunday, September 27, at 10 am. The meeting will announce a 5 percent dividend for bank members, the highest in the last five years. The bank's deposits have also crossed Rs 600 crore. The information was shared by bank chairman Ashok Ghagre at a press conference.

Ghagre said several decisions have been taken in members' interest, including raising the loan limit, extending loans to teaching assistants, increasing the emergency loan limit to Rs 5 lakh, and expanding assistance under the "Mrutsanjeevani" scheme. The bank is headquartered in Sangli and has been operating for a long time. On December 13, 2025, the Swabhimani Mandal took over the bank's management. Although the current financial year left only five months for actual functioning, the board adopted a policy of frugality to fulfil its promise to members and decided to give a 5 percent dividend, Ghagre said.

Ghagre said, "The previous management gave around 2.66 percent dividend. Despite having only five months, we are giving 5 percent dividend by working frugally. Before this, in 2020, there was even a situation where zero percent dividend had to be given. Our role is to make proper use of members' money and give them maximum benefit." He also said some construction contracts awarded earlier had been given out improperly and were therefore cancelled.

The bank has raised the regular loan limit from Rs 16 lakh to Rs 20 lakh, with an interest rate of 9.75 percent. Teaching assistants have been given permanent membership, making them eligible for loans up to Rs 10 lakh. The emergency loan limit has also been raised from Rs 3 lakh to Rs 5 lakh. The difference in loan limits between members of Sangli and Solapur districts has been removed, with a uniform total loan limit of Rs 55 lakh now applicable to members in both places, officials said.

Vice-chairman Krishna Pol said, "Depositors' trust in the bank has grown and deposits have crossed the Rs 600 crore mark. It has been decided to reduce members' monthly deduction from Rs 1,300 to Rs 1,000, cutting the deduction by Rs 300 per member every month." He appealed to all members to attend the annual meeting and asked for cooperation in conducting it peacefully while maintaining the dignity of the teaching profession.

Amol Shinde, district president of the Old Pension organisation, said, "The assistance given to the families of deceased members under the 'Mrutsanjeevani' scheme has been increased without raising the monthly deduction. Assistance for heirs of members under the Old Pension Scheme has been raised from Rs 7 lakh to Rs 12 lakh, while for families of members under NPS it has been raised to Rs 15 lakh." He said additional provision has also been made for teachers under MPSC, and around Rs 2.57 crore in assistance has been disbursed so far through various means. Families of both loan-holding and loan-free deceased members have received assistance under the scheme. Members residing in other districts were earlier asked for extra documents, but the same documentation rules will now apply to all members, Shinde said.

According to bank officials, around Rs 1.31 crore was spent on computer depreciation and repairs in 2019-20. This year the expenditure was limited to around Rs 58 lakh, resulting in savings of about Rs 72 lakh, officials claimed. However, necessary spending on digital banking and cyber security was undertaken, they said. Increased focus on recovery has improved collection of outstanding loans, and the provision made for NPAs has been brought down to zero, bank officials also claimed.

Swabhimani Mandal leader Avinash Gurav told opponents ahead of the meeting, "Members should ask questions in a proper manner. We are ready to answer every question. But if there is any disruption at the meeting, it will not be tolerated, and legal action will be taken if necessary." He said CCTV arrangements, along with security, would be made at the venue of the annual meeting. He also accused the previous management of spending around Rs 1 crore over two years on repairing old branches and questioned that expenditure.

Officials said a 5 percent dividend was made possible despite only five months of management, and since the coming financial year will offer a full year, efforts will be made to give members greater benefits.

Present at the press conference were chairman Ashok Ghagre, vice-chairman Krishna Pol, Swabhimani leaders Jagannath Kolpe, Avinash Gurav, Sudhakar Patil, Tanaji Khot, high-power committee chairman Mushtaq Patel, former chairman Rupali Gurav, Sanjay Mahind, Anita Kate, Fattu Nadaf, Milan Nagane, Nitin Chavan, Amol Shinde, teachers' association president Amol Mane, Sachin Kharmate, Dhanaji Ghadge, Rahul Patne, Shivaji Jadhav, Sunil Tavare, Ulhas Sanap, Vilas Hake, Vishwas Pujari, backward classes organisation's Santosh Kate, private teachers' council's Balasaheb Katare, Nitendra Jadhav and others.