Karnataka - Madikeri   

Society to provide loans for purchase of vehicles

Staff Correspondent

The Kodagu District Traders' Multipurpose Cooperative Society to wipe off losses soon

Madikeri: The Kodagu District Traders' Multipurpose Cooperative Society, Madikeri, will extend loans for the purchase of vehicles, construction of houses and against mortgage of property, on National Saving Certificates, among others soon, its president T.P. Ramesh said here on Wednesday.

The society, functioning on the lines of a cooperative bank, would be wiping off its accumulated losses and was likely to post a profit for the first time soon. Its turnover till March 31, 2006 was Rs. 7.26 crore, Mr. Ramesh said.

The society's membership increased to 1,221 during 2005-06 and its share capital reached Rs. 17.19 lakh. Its deposits increased from Rs. 1.25 crore during 2004-05 to Rs. 1.66 crore in 2005-06. The society gave loans of Rs. 1.63 crore in the current year, including about Rs. 1 crore as pigmy overdraft loan, as against Rs. 1.32 crore disbursed in the previous year, Mr. Ramesh said. In terms of recovery, the society had collected Rs. 1.29 crore, amounting to 80 per cent.

Directors of the society Girish Ganapathi, A.R. Achamaiah, Nagendraprasad and Babuchandra Ullagaddi were present.

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