Kerala - Kochi   

District cooperative bank opens 50th branch

Kochi: Civil Supplies Minister C. Divakaran has recounted the role played by Ernakulam District Cooperative Bank in the development of the islands near Kochi, especially the bank’s role in the building of the much-awaited Goshree bridges.

The Minister was speaking at the inauguration of the 50th branch of the District Cooperative Bank on Sunday on the Bolghatty Island.

Cooperative Bank president M.M. Monaye welcomed the gathering. Babu Paul, MLA., Prema Anilkumar, president of Mulavukadu grama panchayat, and V.P. Sasheendran, vice-president of the Cooperative Bank, were among those who spoke at the occasion.

The inauguration of the 50th branch marks another major achievement for the District Cooperative Bank that has seen phenomenal growth over the last two decades.

Between 1987 and now, the bank’s deposits grew from Rs.36.48 crore to Rs.1,524 crore. Its profit went up from a mere Rs.3,000 in 1987 to Rs.35 crore now. The number of branches has nearly doubled from the 27 in 1987.

Along with the growth in financial terms, the bank had also played a key role in the social development of the district contributing significantly to its infrastructure and job generation ventures, said Mr. Monaye.

The Bank was one of the first to join the consortium of banks that financed the Goshree bridges project. It also played a key role in setting up the Cooperative Medical College in Kalamassery.

As part of its social commitment, the District Cooperative Bank has distributed nearly Rs.36 lakh in scholarships to students at various levels. A sum of Rs.26 lakh has been distributed in aid for treatment of poor sick persons and Rs.13 lakh has gone into rural development activities.

One of the major achievements of the bank has been lending money for rural development without interest. The quantum of interest-free loan stands at more than Rs.12 crore.

The bank has also been instrumental in forming 219 self-help groups of unemployed and poor women to engage in income-generating activities. The bank has been providing training to group members and financial support.

One of the major achievements of the bank has been the setting up of the EMS Cooperative Library and a library facility for the visually challenged in Kakkanad.

The bank has also ventured into organised retailing with an eye to helping farmers and growers of traditional produces in the State. The number of Mithra group of stores has grown to eight now.

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