ERODE: The Erode District Central Cooperative Bank would advance Rs. 300 crores this year. The amount, decided as part of the plan projection for 2005-06, was Rs. 50 crores higher than that of last year. While Rs. 5 crores would be advanced for agriculture-allied activities, Rs. 65 crores would be sanctioned as crop loan, Rs.10 crores more than previous year.

The bank also focusses on advancement towards non-farm sector. Though the allocation was Rs. 35 crores last year, it would be Rs. 50 crores this year due to growing demand for housing loan, personal loan, consumer loan etc. It was decided to advance Rs. 20 crores for product pledge loan. Such loans were very useful to farmers who pledged their produce for loans, officials said.

As much as Rs. 85 crores would be allotted for jewel loans, the most popular at the branches of the banks. The total deposit at the branches stood at Rs. 331 crores. The deposit last year from the public amounted to Rs. 16 crores. Despite reduced interest rates, the public deposited money at the central cooperative banks, said the officials. But the interest rates at these banks were higher than what commercial banks offered. Senior citizens received half per cent interest more.

The bank gave impetus to crop loans and self-help groups. A few years back, the bank had advanced loans to women for obtaining LPG connections. But, of the Rs. 11.25 crores advanced for the same, Rs 1.84 crores was due from the borrowers, the officials said. Efforts were on to boost the recovery rate from 85 per cent to 95 per cent.

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