Karnataka - Hubli-Dharwad   

Bank disburses crop loans worth Rs. 40 cr.

Staff Correspondent

In 2005-06, the bank made a net profit of Rs. 58 crore

HUBLI: The Karnataka Central Cooperative (KCC) Bank has disbursed crop loans to the tune of Rs. 40 crore at four per cent interest.

This was announced by managing director of the bank Shiva Kulkarni during a visit by Revenue Minister and district in-charge Jagadish Shettar to the bank on Tuesday.

He told the Minister that in the last financial year the bank had disbursed loans worth Rs. 110 crore at an interest rate of six per cent. Out of the repayment of these loans, fresh loans had been given to members at an interest rate of four per cent.

However, the bank had not been able to give loans to new members, he said.

He told the Minister that the State Government had released Rs. 54 crore towards the waiver of interest in 2004-05. In 2005-06, the bank made a net profit of Rs. 58 crore.

Mr. Kulkarni said the bank had succeeded in bringing down non-performing assets to Rs. 14 crore.

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