Nawanagar Bank is a private sector bank

in India. It was founded in 1943 and is

headquartered in Jamnagar, Gujarat. The
bank offers a variety of banking and
financial services to individuals and
businesses, including deposit accounts,
loans, and investment services.
Nawanagar Bank Limited, also known as
the "Princely Bank", is a private sector
bank in India. It was founded in 1943 by
the late Maharaja Jam Sahib of Nawanagar
and was headquartered in Jamnagar,
Gujarat. The bank has a network of
branches across the country and offers a
variety of banking and financial services to
individuals and businesses, including
deposit accounts, loans, and investment
services. In 2019, the Bank was merged
with and into Bank of Baroda.
The bank's main products and services
included personal banking, corporate
banking, NRI banking, agricultural banking,
and SME banking. In personal banking, the
bank offered a range of deposit accounts,
loans, and investment options to meet the
diverse needs of its customers. In
corporate banking, the bank provided
services such as working capital financing,
term loans, and trade finance.
The bank also had a strong presence in the
agricultural sector and offered a range of
products and services to farmers and rural
customers.The merger was aimed at
enhancing the customer experience,
increasing operational efficiency, and
expanding the bank's reach and scale.
The bank has the reserve of 150 crores
however, it's important to note that Reserve
refers to the portion of a bank's funds that
are kept aside to meet unexpected losses
and to ensure that the bank can meet its
obligations to its depositors and other
creditors. Reserve is a crucial part of a
bank's balance sheet, and it is an indicator
of the bank's financial health and stability.
Nawanagar bank provides various loan
facilities such as:-
* Cash Credit against Hypo.
* Term Loan for Machinery / Equipments /
Comm. vehicles
* Loans to Professionals
* Consumer Loan
* Housing Loan
Services provided by the bank are as
follows:-
* RuPay Debit-cum-ATM-Card
* Stamp Franking
* PGVCL Bill Collection
* Life Insurance
* RTGS / NEFT
The Nawanagar Co-operative Bank Ltd. ,
registered under Gujarat Co-operative
Societies Act 1961, popularly known as
Nawanagar Bank commenced its banking
business with a small capital of Rs. 1.36
lakh at Jamnagar in the year 1980. The
Reserve Bank of India has issued Bank
License No. ACD/GJ/196-P dt. 2/4/1980.
The idea of establishing of Bank was the
dream of young and dedicated like-minded
persons like Shri Jaysukhbhai Hathi, Shri
Gulabbhai Shah, Shri Jayantilal Anjaria,
Shri Ramnikbhai Shah and many
dignitaries of Jamnagar
Since then the Bank has never looked
back. As on today the Bank has 11
branches in the City plus 1 extension
counter at Haria School.
Technological Up-gradation :-
All the 12 branches of the Bank are
connected under CBS platform. Customers
receive SMS alerts for their transactions.
Bank has already launched ATM Cum
Debit Cards and on-site ATMs at various
places. Bank has also opened E-Lobby in
ground floor of Head Office premises
wherein ATM, Passbook Printer, Cash
Deposit Machine and Coin vending
machine have been installed for the
general public.
SAGA of Successful Growth: -
Business Figures
(Rs. In Lacs)
Sr. No. Particulars 30-06-1981 30-06-1991
31-03-2001 31-03-2011 31-3-2022
1 Share Capital 5.35 20.00 200.00 568.48
1,336.42
2 Reserves 0.21 49.51 2,210.00 7,882.53
16,257.68
3 Deposits 25.37 677.66 12,874.63
27,712.93 90,259.75
4 Advances 10.59 380.44 4,905.42
11,509.55 35,713.39
5 Profit -0.32 26.47 465.43 465.57
1,101.00
6 Working Funds 32.76 793.66 16,547.42
37,391.39 1,09,655.15
Bank has also tie-up arrangement
with M/s. HDFC Life Insurance Company
Ltd. and Reliance Nippon Life Insurance
Company Ltd., for insurance business.
Social Responsibilities:-
Bank has launched several schemes
for the benefit of its stake holders,
shareholders and customers. Bank has
taken unique steps that if all the owners of
the unit are female, special concession in
rate of interest is granted. If there is regular
repayment in Housing Loan additional
benefit in rate of interest is passed on to
the Borrowers.
All Share Holders have facility to
receive amount up to Rs. 12,500/- in case
of hospitalization expenses. In case of
Death of a shareholder Rs. 11,000/- are
given to the bereaved family.
Atmanirbhar Gujarat Sahay Yojana
Scheme Details
As per RBI guidelines, Nawanagar
Co-operative Bank Ltd. will be pleased to
grant you a moratorium on your
loan/CC/OD facilities. However, if you
chose not to avail the moratorium, contact
your Branch immediately through email /
letter.
Bank offers 3.25% interest p.a. on savings
bank account.
Know Your Customer Have you heard of a
small account? Even without proof of
identity and address, open a Basic Savings
Bank Deposit Account by submitting a
recent photograph and a signature. Enjoy
account balance of up to Rs. 50,000/- and
total credits of up to Rs. 1 lakh per financial
year
Pradhan Mantri Jivan Jyoti Bima Yojana
Get Rs. 2 lakhs Insurance at affordable
premiums
Scope of coverage:
Age should be between 18 to 50 years
Should be account holder of the bank. In
case of multiple savings accounts held by
an individual in or different banks, the
person shall be eligible to join the scheme
through one savings bank account only.
Enrolment modality:
Cover shall be for one year period
stretching from 1st June to 31st May
Premium: 330/- p.a. It will be deducted
from the account holder s savings bank
account through auto debit facility in one
instalment
Benefits: 2.0 lacs in case of death due to
any reason. Cover will be provided by Life
Insurance Corporation of Indi
Annual report of the year 2109-20
the accompanying financial statement of
The Nawanagar Co-operative Bank Limited
(he
Bank) as at 31 March 2020, which
comprise the Balance Sheet as at 31"
March 2020, and the Profit and
Loss Account, and the Cash Flow
Statement for the year then ended, and a
summary of significant
accounting policies and other explanatory
information. The returns of 11 branches
audited by us are
incorporated in these financial statements.
Management's Responsibility for the
financial statement.
2. Management is responsible for the
preparation of these financial statement
that gives a true and fair view of
the financial position, financial performance
and cash low of the Bank in accordance
with Banking
Regulation Act 1949 (as applicable to
co-operative societies), the guidelines
issued by the Reserve Bank of
India and The Registrar of Co-Operative
Societies, Gujarat, The Gujarat
Co-Operative Societies Act, 1961
and the Gujarat Co-Operative Societies
Rules, 1965 and generally accepted
accounting principles in India so
far as applicable to the Bank. This
responsibility includes design,
implementation and maintenance of
internal control relevant to the financial
statement that are free from material
misstatement, whether due to
fraud or error.
Auditor's Responsibility
3.Our responsibility is to expres an opinion
on these financial statement based on our
audit. We conducted our
audit in accordance with standards on
Auditing issued by the lnstitute of
Chartered Accountants of India.
Those standards require that we comply
with ethical requirements and plan and
perform the audit to obtain
reasonable assurance about whether the
financial statement are free from material
misstatements.
4. An audit involves perfoming procedures
to obtain audit evidence about the amounts
and disclosures in the
financial statements. The procedures
selected depend on the auditor's judgment,
including the assessment of
the risks of material misstatements of the
financial statements, whether due to fraud
or error, In making those
risk assessments, the auditor considers
internal control relevant to the Bank's
preparation and fair
presentation of the finaneial statements in
order to design audit procedures that are
appropriate in the
circumstances, but not for the purpose of
expressing an opinion on eftectiveness of
the entity's internal
control. An audit also includes evaluating
the appropriateness of accounting policies
used and the
reasonableness of the accounting
estimates made by management, as well
as evaluating the overall
presentation ofthe statements.
5.We believe that the audit evidence we
have obtained is sufficient and appropriate
to provide a basis for our
audit opinion.
Opinion
6. In our opinion and to the best of our
information and according to the
explanations given to us, the financial
Statements togther wih the notes thereon
give the infomation requireod by the
Banking Regulation Act.
1989 (25 plicable so CoOperative
Societies). the Gujarat Co-Operative
Societies Act 196l and
idelines d by Reserve Bunk of ndia and
Registrar of Co-Operative Societies in the
manner so
Togied and give a true and fair viewin
conformity with the accoumting principles
generally accepted in
Indiac
a)bthccasc ofthe Balance Shect, of statcof
affairs of the Bank as at 3 1"March 2020:
b)athe case ofthe Profitand Loss Account.
ofthe profit/ loss for the year ended on that
date, and
(c) In the case of the Cash Flow Statement.
ofthe cash flows for the year ended on that
date.
Repert on other Legal & Regulatory
Requirements
7The Balance Shect and the Profit and
Loss Account have been drawn up in
Form"A and"B respectively of
the thind Schodule to the Bnking
Regulation Act. 1949 and provisions of The
Gujarat Co-Operative Societics
Act, 1961 and Gujarat Co-Operative
Socities Rules, 1965.
&Wereport that
a)We have obainod all the infomation and
eplanations, which to the best of our
knowicdge and belief
were nccessary for the purpose ofour audit
and have found to be satisfactory
b) In our opinion proper books of account
as required by lasw have been kept by the
Bank so far as it
ppears from our euminaion of those books
and proper returns adequate for the
purposes of our audit
havc becm received from the
branchesoffices.
(c)The transactionofthe Bank which have
come to our notice are within the powers of
the Bank
a The Balance Sheet and Profit and Loss
Account dealt with by this report, are in
agreement with the
bocks ofaccount and the returns.
(c) The acoounting standards adopted by
the Bank are consistent with those laid
down by accounting
principles generally accepted in India so far
as applicable to Banks
9. We further report that for the year under
audit, the Bank has been awarded"A grade
and "85.5 marks
Saving Deposits
Savings accounts are a great way to
establish a rainy day fund in the event of
emergencies. The best saving accounts
are from banks that offer good interest
rates and friendly customer service. By
establishing a saving bank account , you
can rest assured that you will have money
in case of emergency.
* Easy Account Opening Procedure.
Account can alos open with "zero" ablance.
* Facility of Computerised passbook
* No extra charges for passbook.
* Free of cost personalized MICR cheque
book upto 3 cheque book ( 1 cheque book
15 leag)
* SMS Alert beyond Specified limit for Debit
entries without any charges.
* 24 hours banking through ATM Centres.
* Nomination facility available
* No minimum average balance charge
* Rate of interest is 4% and it calculated on
daily basis and accounting oh half yearly
basis.
Current Deposit
The bank offers the facility of Current A/c
with personalized services to meet the
business requirement of the customers.
The facility of Current A/c is available to
proprietorship firm, partnership firms,
company, HUF, Trust, co op soc,
association etc and individual customers
having the daily transactions in the
account.
* Easy procedure for account opening.
* 24 hours banking facility through our ATM
centres to individual account holder.
* Personalized services.
* SMS Alert beyond Specified limit for
Debit entries without any charges
* Six monthly average balance should be
maintained only of Rs. 2000/-
Recurring Deposit
To encourage the saving habit of the public
at large on monthly basis the bank offers
the facility of Recurring Deposits. The
product is especially designed for the
customers who compulsorily like to save
the small amount of their income on
monthly basis.
* Easy & Simple A/c Opening procedure.
* Speedy and timely services.
* A/c can be opened at your convenient
amount.
* Special benefits to Small savers.
* Attractive rate of interest on maturity of
the deposits.
* Flexible maturity periods.
Fixed Deposit
* Fix deposit scheme is an attractive
scheme to deposit your savings for fix
period for 30 days to 05 years as per your
future requirements.
* We provide attractive Interest Rates to
our Customers from time to time.
* We offer 0.50% extra Interest Rate to
Senior Citizens(Age upto 60 or above)on
fix deposits of more than 180 days period
and above.
* Guardian can open Minor s Fix deposit
A/c. When minor turns major then at
maturity he/she can withdraw the amount
with his/her signature, after providing valid
age proof.
* We offer nomination facility for all deposit
accounts.
* We provide montly, quarterly, half yearly,
yearly Interest payment to our customers
on their existing Fix Deposits as per their
instruction.
* Loan and Overdraft facility is available
against Fix deposit receipt.
* The maturity date of Loan and Overdraft
Account against Fix Deposit is maturity
date of Fix Deposit Receipt.
* TDS on Interest income will be deducted
as per Income Tax Act.
* We are member of Deposit Insurance and
Credit Guarantee Scheme [DICGC] in
which customers deposit are insured up to
Rs. 1 Lac.
* The rate of interest of tne term deposit is
as under
No. Duration Rate for Public Rate for
Senior Citizen
1 30 days to 45 days 4.50% 4.50%
2 46 days to 90 days 4.75% 4.75%
3 91 days to 179 days 6.25% 6.25%
4 180 days to 1 year 7.25% 7.75%
5 More than 1 year and up to 2 years
8.25% 8.75%
6 More than 2 years and up to 5 years
8.00% 8.50%
Parivar Bachat
* It is our daily dore to dore collecton
deposit schme
* Deposits are colliction in minimum of Rs.
50/- and above in multiple amount of Rs.
10 .
* The maturity period is of one year
* Bank is giving intereset at the rate of 4%
and it is counting on daily basis but
accounting at tne end of the year.
* If deposit is withdrawan prematured than
no interest will be given
* Bank is collecting deposits throgh agent
* Bank has given deposit collection
machine to all agents and receipt of
deposit is issued by the agent on the place.
* Presently we are this deposit facility is
available at our Ranjitsagar Road Branch
only.
Financial Indicators
Financial Indicators (Rs in Lakhs.)
Financial Year Paid Up Capital Reserves
Deposits Advances Net Profit Working
Capital
1980-1981 5.35 0.21 25.37 10.59 -0.32
32.76
1989-1990 16.44 30.12 521.86 292.59
17.52 603.55
1999-2000 148.16 1810.20 11874.24
5261.67 406.46 14515.67
2000-2001 200.00 2210.00 12874.63
4905.42 465.43 16547.42
2001-2002 200.00 2680.94 12848.46
4546.96 491.09 16661.68
2002-2003 228.76 3195.43 13690.12
4081.62 501.80 17317.46
2003-2004 237.52 3692.04 14241.42
4139.99 523.71 17190.76
2004-2005 245.54 4348.30 13820.35
4167.51 363.65 18245.47
2005-2006 251.33 4947.22 14346.13
3922.17 341.31 19528.59
2006-2007 269.71 5301.78 15368.35
3780.10 322.47 21949.36
2007-2008 316.61 5842.16 18872.77
5551.21 438.37 26505.82
2008-2009 414.32 6828.19 22119.88
8435.52 416.86 31236.41
2009-2010 453.74 7243.77 25142.29
9571.48 449.92 34383.61
2010-2011 568.48 7882.53 27712.93
11509.55 465.57 37391.39
2011-2012 662.37 8549.64 30297.48
14261.40 486.13 40311.55
2012-2013 738.83 9137.42 33986.16
16082.64 512.41 44636.17
2013-2014 842.49 9825.69 37698.73
18205.68 506.60 49350.94
2014-2015 923.97 10286.99 43858.27
18577.89 567.97 56283.95
2015-2016 989.53 10818.75 51190.53
20190.78 633.51 64765.87
2016-2017 1197.81 11304.94 62036.91
23036.47 631.65 75784.53
2017-2018 1371.47 11896.15 62859.98
29657.76 753.77 78217.20
2018-2019 1605.85 12511.86 66897.95
36221.48 990.59 83661.23
2019-2020 1708.75 14,330.87 74,102.00
37,664.94 1028.02 91,713.15
2020-2021 1471.32 14,051.80 89,828.86
39783.94 1630.34 107979.89
2021-2022 1336.42 16,257.68 90,259.75
35,713.39 1101.00 1,09,655.15
Terms and Conditions for RuPay
PaySecure® platform
RuPay PaySecure authentication service is
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Please read these T&Cs carefully before
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or Credit cards as issued by the Issuing
Bank.
Cardholder shall mean the owner
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card issued by an Issuing bank
The words "we", "us" and "our" refer to
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Credit Card.
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Registering your card for RuPay
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OF REGISTRATION INFORMATION
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INFORMATION
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* NPCI has no liability for cardholder s
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mobile phones etc.) or proper functioning
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However, NPCI will not take liability for any
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The RuPay PaySecure solution merely
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is independent of governance of RuPay
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The Internet per se is susceptible to a
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beyond control of NPCI.
12. NPCI Indemnity:
NPCI should be indemnified against all
losses and damages that may be caused
as a consequence of breach of any of the
RuPay PaySecure T&Cs.
13. Discontinuation of RuPay PaySecure:
NPCI reserves the right to discontinue the
above service at any time whatsoever.
Service Charges
Sr.No. Details Charges
Transfer Cash
1 1.1 UTI/HDFC/ICICI (Cheque Issued for
above mentioned Banks)
Up to Rs 1.00 Lacs 0.07 Paisa 0.10
Paisa
Above Rs 1.00 Lacs 0.05 Paisa 0.10
Paisa
Minimum Exchange 10/- 15/-
2 Bills Commission
2.1 O.B.C. Cheque (As per RBI
guidelines)
Up to Rs 1,000/- Rs 20/-
Rs 1,001/- to Rs 10,000/- Rs 50/-
Rs 10,001/- to Rs 1,00,000/- Rs 100/-
Above Rs 1,00,000/- Rs 150/-
2.2 I.B.C Cheque(As per RBI guidelines)
Up to Rs 1,000/- Rs 20/-
Up to Rs 10,000/- Rs 50/-
Rs 10,001/- to Rs 1,00,000/- Rs 100/-
Above Rs 1,00,000/- Rs 150/-
2.3 O.B.C Bills
Up to Rs 10,000/- Rs 100/- (Postal
Charges Rs 30/-)
Rs 10,001/- to Rs 1,00,000/- Above Rs
1,00,001/- Rs 0.25/- Rs 100/- + Rs 30/-
(Min- Rs 100/- Max- Rs 5,000/-)
2.4 I.B.C Bills
Up to Rs 10,000/- Rs 100/- (Postal
charges Rs. 30/-)
Rs 10,001/- to Rs 1,00,000/- Above Rs
1,00,001/- Rs 0.25/- Rs 100/-+ Rs 30 (Min
Rs100/- Max Rs 5000/-)
Parcel Handling charges Rs 30/-
2.5 Purchase/ Discount Cheques/ Bills
1 Cheques: Out of Fund interest +
Cheque collection charges
1 Bills: Out of Fund interest + Bill
collection charges
1 L.C Bills : Interest will be applied from
the date of purchase till the date of receipt
+ Rs. 100/- out of pocket expenses per bill
L.C. Charge: Rs 250/-
The above charges are excluding Service
Tax
3 Cheque Return Charges
Inward (Debit Clearing) Rs. 30/-
Inward (Debit Clearing) Minimum
balance Not maintained Rs. 50/-
Inward (Debit Clearing) Repayment to
Finance company Rs 100/-
Outward ( Credit Clearing) Rs 25/-
4 Stop Payment Charges
 General case Rs 50/-
Repayment to Finance company Rs 100/-
5 Cheque Book Issue Charges
Savings A/c (Per Cheque Book - 15
cheque leaves First 4 cheque books free
per financial year) Rs 30/-
Current / CC / Overdraft (Per Cheque
Book-60 cheque leaves) Rs 125/-
6 Ledger Folio Charges (Incidental
Charges)
6.1 Current A/c, OD, CC 1 Page(30
Entries) Rs 30/-
Current A/c / OD A/c Minimum Charges
Rs. 100/-
Cash Credit A/c Minimum Charges Rs.
150/-
Rebate in above charge
Average Minimum Balance
Rs 50,000/- to Rs 99,999/- 5 Pages Free
Rs 1,00,000/- to Rs 1,99,999/- 7 Pages
Free
Above Rs 2,00,000/- Free
6.2 Incidental Charges in Savings A/c
Up to 20 entries( half yearly) only Debit
entries Free
Above 20 entries (per entry) only Debit
Entries Free
Rebate
Average Minimum Balance Rs 50,000/-
only Free
If minimum balance is not preserved
Current A/c (Average Minimum Balance
Rs 2,000/-) Rs 150/-
Savings A/c (Average Minimum Balance
Rs 500/-) Rs 25/-
7 Proposal Processing Charges (Limit
Processing Charges)
CC/ Hypothecation(Against Stock/ book
Debt) Limit Renew
Up to Rs. 1.00 Lacs Rs 250/-
Rs 1.00 Lacs to Rs 1.99 Lacs Rs 500/-
Rs 2.00 Lacs to Rs 2.99 Lacs Rs 1,500/-
Rs 3.00 Lacs to Rs 4.99 Lacs Rs 2,000/-
Rs 5.00 Lacs to Rs 7.50 Lacs Rs 3,000/-
Rs 7.51 Lacs to Rs 9.99 Lacs Rs 4,500/-
Rs 10.00 Lacs to Rs 24.99 Lacs Rs
6,500/-
Rs 25.00 Lacs to Rs 49.99 Lacs Rs
10,000/-
 Rs 50.00 Lacs to Rs 74.99 Lacs Rs
15,000/-
Rs 75.00 Lacs to Rs 100.00 Lacs Rs
20,000/-
Term Loan( Except Staff Loan)
Up to Rs 1.00 Lacs Rs 250/-
Rs 1.00 Lacs to Rs 5.00 Lacs Rs 2,500/-
Rs 5.01 Lacs to Rs 10.00 Lacs Rs
5,000/-
Rs 10.00 Lacs to Rs 24.99 Lacs Rs
8,000/-
Rs 25.00 Lacs to Rs 49.99 Lacs Rs
12,000/-
Rs 50.00 Lacs to Rs 100.00 Lacs Rs
25,000/-
Adhoc Sanction
Up to Rs 1.00 lacs Rs 300/-
Rs 1.00 lacs to Rs 5.00 Lacs Rs 750/-
Above Rs 5.00 Lacs Rs 1,500/-
8 Inspection Charges (Annually)
8.1 Cash Credit
Up to Rs 1.99 lacs Rs 200/- per
inspection irrespective of limit sanctioned
Rs 2.00 lacs to Rs 4.99 Lacs
 Rs 5.00 Lacs to Rs 10.00 lacs
Above Rs 10.00 lacs
8.2 Term Loan
Every Term Loan Account (Except
Education loan, Staff Loan) Rs 200/-(Per
Financial Year
Financial Position
(Rs. in Lakhs)
Year Paid Up Capital Reserves Deposits
Advances Net Profit Working Capital Audit
Class
2005-2006 251.33 4,947.22 14,346.13
3,922.17 341.31 19,528.59 A
2006-2007 269.71 5,301.78 15,368.35
3,780.10 322.47 21,949.36 A
2007-2008 316.61 5,842.16 18,872.77
5,551.21 438.37 26,505.82 A
2008-2009 414.32 6,828.19 22,119.88
8,435.52 416.86 31,236.41 A
2009-2010 453.74 7,243.77 25,142.29
9,571.48 449.92 34,383.61 A
2010-2011 568.48 7,882.53 27,712.93
11,509.55 465.57 37,391.39 A
2011-2012 662.37 8,549.64 30,297.48
14,261.40 486.13 40,311.55 A
2012-2013 738.83 9,137.42 33,986.16
16,082.64 512.41 44,636.17 A
2013-2014 842.49 9,825.69 37,698.73
18,205.68 506.60 49,350.94 A
2014-2015 923.97 10,286.99 43,858.27
18,577.89 567.97 56,283.95 A
2015-2016 989.53 10,818.75 51,190.53
20,190.78 633.51 64,765.87 A
2016-2017 1197.81 11,304.94 62,036.91
23,036.47 631.65 75,784.53 A
2017-2018 1371.47 11,896.15 62,859.98
29,657.76 753.77 78,217.20 A
2018-2019 1605.85 12,511.86 66,897.95
36,221.48 990.59 83,661.23 A
2019-2020 1708.75 14,330.87 74,102.00
37,664.94 1028.02 91,713.15 A
2020-2021 1471.32 14,051.80 89,828.86
39,783.94 1630.34 1,07,979.89 A
2021-2022 1336.42 16,257.68 90,259.75
35,713.39 1101.00 1,09,655.15
Know Your Customer (KYC)
The bank is under statutory obligation to
comply with the provisions of the
Prevention of Money Laundering Act, 2002
and the rules made thereunder and also
the guidelines issued by the Reserve Bank
of India on Know Your Customer (KYC)
policy from time to time