The Hindu : Karnataka / Mangalore News : SCDCC Bank posts Rs. 14-crore profit

Online edition of India's National Newspaper
Wednesday, Jun 09, 2004

Karnataka

Karnataka - Mangalore

SCDCC Bank posts Rs. 14-crore profit

By Our Staff Correspondent

MANGALORE, JUNE 8. The South Canara District Central Cooperative (SCDCC) Bank has posted a profit of Rs. 14.19 crore and declared 100 per cent recovery of agricultural loans.

Giving details of the bank's performance for 2003-04, M.N. Rajendra Kumar, chairman of the bank, told presspersons here today that the bank had deposits worth Rs. 383.3 crore. As much as Rs. 247.6 crore had been advanced, including Rs. 103.9 crore as short-term agricultural loans and Rs. 4.3 crore as long-term loans, he said.

The bank had set a target to increase the deposits to Rs. 430 crore and advances to Rs. 310 crore during the current financial year, he said.

As the bank had earned a good profit, it had announced 10 per cent dividend to the member societies, Mr. Kumar said and added that it had also earned the Apex Bank Award for the fifth consecutive time.

He said the bank had set up 17,000 self-help groups (SHGs). They had taken loans of Rs. 19 crore and were regular in repaying them.

Mr. Kumar said the bank had got the "Best Bank Award" given by the National Bank for Agriculture and Rural Development for SHG formation for the past four years. Encouraged by the results, the bank was working on setting up the Navodaya Grameena Trust for women SHGs under which marketing support would be offered to the SHGs to sell their products.

He noted that the SHGs formed by the bank had opted for the bank's schemes when they were given an option to join the Yeshaswini scheme of the Government. He said the SHG schemes of the bank were found to be more useful by the groups due to its flexible features. One of the encouraging factors was the availability of low-interest loans such as the one extended to rural artisans at 6 per cent interest.

Outlining the technology-driven services extended by the bank to its customers, Mr. Kumar said the bank was the first one to extend the ATM facility to farmers in the State. It had also earmarked Rs. 1 crore for giving incentives to member cooperatives that computerised their operations. The bank was also planning to offer the ATM facility at the taluk-level soon, he said and added that it had computerised 17 branches in the district.

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