In a significant event held in New Delhi, Repco Bank handed over a dividend cheque worth ₹19.08 crore to Union Home Minister and Minister of Cooperation, Amit Shah. This cheque represents a 25% dividend on the Government of India’s share capital of ₹76.32 crore for the financial year 2023-24.
Amit Shah expressed his appreciation on Twitter, stating, “Congratulations to Repco Bank on achieving the remarkable feat of registering a stellar growth rate of 11% in FY 2023-24″. He said: Today, on behalf of the MHA, I received a cheque for ₹19.08 crore from Repco Bank.
Normally, public sector banks pay dividends to the union finance minister but this bank has paid dividends to the union home minister. This is so because public sector banks come under Finance Ministry but this bank (Repco Bank) comes under Home Ministry. Let’s know about this bank in a little detail.
Repco Bank is a Government of India enterprise, operating under the administrative control of the Ministry of Home Affairs (MHA). The bank’s impressive growth and performance reflect its dedication and successful efforts in the banking sector. Repco Bank (Repatriates Cooperative and Finance and Development Bank) is a cooperative bank established by the Government of India in 1969 to improve financial needs of repatriates from neighbouring countries mainly from Sri Lanka and Burma. It has been controlled by the Ministry of Home Affairs and operated only in the South Indian states. The area of operation of the bank covers the south Indian states:
- TamilNadu
- Andhra Pradesh
- Telangana
- Karnataka
- Kerala
- Union Territory of Puducherry
The share capital of the Bank as on 31.03.2024 is given here below:
| Share Holders | Share Capital Amount (Rs. in cr.) |
|---|---|
| Government of India | 76.32 |
| Government of Tamil Nadu | 7.13 |
| Government of Andhra Pradesh | 1.05 |
| Government of Telangana | 0.75 |
| Government of Kerala | 0.61 |
| Government of Karnataka | 0.17 |
| Repatriates and Other ‘A’ Class Share Holders | 66.22 |
| Total | 152.25 |
