Karnataka - Madikeri   

Madikeri bank posts Rs. 8-lakh profit

By Our Staff Correspondent

MADIKERI, JUNE 9. Madikeri Town Cooperative Bank has posted a net profit of Rs. 8.17 lakh for 2003-04, according to the president of the bank, M.P. Muthappa.

He told presspersons here on Wednesday that the bank had recovered 85 per cent of the loans. Its advances totalled Rs. 2.74 crore.

Mr. Muthappa said the bank would start giving loans on salary slips from July 1.

It had decreased the rate of interest on various types of loans in the past three years, he added.

There were 2,940 `A' category members and 631 `B' category members with the bank, he said and added that the working capital of the bank stood at Rs. 5.85 crore as on March 31.

S.C. Subramani, vice-president of the bank, Satish Pai and S.M. Krishnappa, directors, and Ganapathi, manager of the bank's main branch, were present on the occasion.

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