Karnataka - Bellary   

Rural development bank posts Rs. 2.86-cr. profit

Staff Correspondent

BELLARY: The Primary Cooperative Agriculture and Rural Development Bank, Sirguppa, which has posted a profit of Rs. 2.86 crore, has announced

a dividend of 10 per cent to all its shareholders for 2005-06.

This is the second year in succession that the bank has been giving dividends. In the previous year, it had announced a dividend of five percent. The bank is the first in Gulbarga division and perhaps the third in the State to earn profits continuously and announce dividends. Chokka Basavanagowda, chairman of the bank, said at the annual general body meeting held in Sirguppa town on Monday that the bank had advanced Rs. 7.6 crore during 2005-06 and achieved 88 percent recovery (Rs. 7 crore) as against the target of Rs. 8 crore.

Loans

During the current year, the bank had planned to disburse around Rs. 6 crore for agricultural and non-agricultural loans. In addition,

the bank had proposed to expand its scope of service by taking up distribution of IFFCO fertilizers and crop loans, he said. T.M. Chandrashekariah, Director of Karnataka State Cooperative Land Development Bank (KSCLDB), complimented the bank for its

achievements and farmers for repaying the loans promptly.

The KSCLD had proposed to lay more stress on extending loans for lift irrigation, crop loans, dairy, horticulture, sheep rearing, farm mechanization and the like during the current year.

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