Kerala - Thiruvananthapuram   

Focus on development projects

THIRUVANANTHAPURAM: The Kerala State Cooperative Bank (KSCB) will join the industrialisation drive of the State government by making substantial investments in industrial infrastructure development projects. It will provide financial assistance to a cross-section of society, including women entrepreneurs, students and pensioners.

Briefing reporters about the budget proposals for 2008-09 approved by the general body of the bank here on Wednesday, president Kadakampally Surendran said that the fund collected from the cooperative sector would be invested in the industrial infrastructure development projects like Vizhinjam port and Kannur airport. The income of the bank has been pegged at Rs.365.97 crore and expenditure Rs.365.15 crore. The net profit has been put at Rs.82 lakh.

A new scheme to give loan to pensioners has been proposed in the budget. Account-holding pensioners will be given a loan equivalent to either 10 times their monthly pension or a maximum of Rs.1 lakh. Women entrepreneurs, especially self-help groups, will be given financial assistance at low interest rates.

The MBA/MCA college under the bank will start functioning this academic year. An amount up to Rs.30 lakh will be given as overdraft to jewellery shops against the stock of ornaments. The bank will give loans to local self-government institutions and KSRTC for constructing shopping complexes.

To inculcate savings habit in students and help them secure education loan after Plus Two, it has been proposed to launch a Cobank Champ Accounts Scheme. The bank aims at opening 20,000 accounts among students to familiarise them with the banking system. Without considering the volume of their deposits, the bank will give education loans to its student customers.

Debit cards will be issued in association with district cooperative banks. A new loan network will be developed linking the district banks. Gold loans with daily repayment facility will be introduced.

As many as 250 automatic teller machines will be set up in the current financial year and 1,000 within the next three years.

Keltron will be the nodal agency for the project aimed at linking KSCB with district banks and primary agriculture societies.

An intensive programme has been launched to bring down the non-performing assets (NPAs) of the bank. A special taskforce will be formed.

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