The Hindu : Kerala News : Cooperative cutting edge

Online edition of India's National Newspaper
Monday, Feb 07, 2005

Kerala

Kerala

Cooperative cutting edge

By K. A. Martin

Riding the technology bandwagon has its advantages. All the more so if the organisation that strives to acquire that position is normally considered to be tradition-bound.

The Ernakulam District Cooperative Bank has blazed a new trail in cooperative banking in the State by opting for such newfound success mantras as core banking solutions and ATMs.

It was the first cooperative bank to go in for core banking solution and it is on the way to decongest its counters and provide the best of services to its nearly two lakh customers by both creating the posh ambience and opening a slew of ATMs. The immediate impact of the Cooperative Bank's effort is that new technology has been taken straight to the rural areas.

Four ATMs operational

The District Cooperative Bank has a deposit base of Rs.1,000 crores and looks keen to stick to the initial target of 200 ATMs in Ernakulam district in a phased manner. Its 46 branches are already networked and four ATMs are operational. These have been set up in Ernakulam, Paravur, Piravom and on the Kochi Cooperative Medical College campus at Kalamassery. Three more will follow soon — at Kothamangalam, Muvattupuzha and Koothattukulam.

The technology thrust of the bank is estimated to cost about Rs.4 crores and will provide it the edge in the current level of competition.

The Bank expects to provide the best, including anywhere banking facility in a cost-effective manner.

There are 176 primary cooperatives affiliated to the Ernakulam District Cooperative Bank, which made a profit of Rs.20 crores during 2003-04. — K.A.M.

Printer friendly page
Send this article to Friends by E-Mail

Kerala