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Shimoga
By Our Special Correspondent
SHIMOGA, SEPT. 29. The president of the Shimoga Areca Mandy Merchants' Cooperative Bank, D.M. Shankarappa, said here on Wednesday that his 40-year-old bank had been earning profit consistently for the last five years meeting all the banking parameters. Addressing a press conference, he said starting its operations in a small rented building on SPM Road in 1964 the bank had now grown into a leading cooperative institution. It had moved into its own building on the APMC premises and offered loan assistance to small and marginal merchants, self-employed and those belonging to the poor and weaker sections of society, while safeguarding the interests of depositors.
Share capital
Mr. Shankarappa said the bank's share capital, which was Rs. 49.44 lakhs in 1999-2000, had increased to Rs. 87.43 lakhs in 2003-2004 while its reserve fund increased from Rs. 30 lakhs to Rs. 90 lakhs for the corresponding period. He said the bank had enhanced its deposit from Rs. 3 crores in 1999-2000 to Rs. 12 crores in 2003-2004 while the advances made by it during this period increased from Rs. 3 crores to Rs. 9 crores taking banking transactions to Rs. 200 crores and showing an increase in profit from Rs. 18.50 lakhs to Rs.4 8.27 lakhs for that period.
Profit
He said the bank had registered half yearly profit of Rs. 36 lakhs in the current financial year. The vice-president of the bank, D. Kalasappa Hegde, the directors, K.C. Nataraj Bhagwat, H.S. Sumitra, K.G. Channakeshava, D.N. Srinivasmurthy, S.N. Vagish, B.K. Jayadev and H.N. Shivaswamy were present.
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