The Hindu : Karnataka News : SCDCC Bank makes record profit of Rs. 6.45 crore

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Karnataka

Karnataka

SCDCC Bank makes record profit of Rs. 6.45 crore

Staff Correspondent

Rs. 310.48 cr. disbursed for agriculture and related activities

Rs. 246.77 crore disbursed to other sectors
Bank’s total business during 2007-08 was
Rs. 1,228.25 crore

MANGALORE: The South Canara District Central Cooperative (SCDCC) Bank has lent Rs. 310.48 crore to its members for agriculture and farm development-related activities during 2007-08.

This is the highest ever disbursement made by the bank to the agricultural sector in its 95-year-history, its president M.N. Rajendra Kumar has said.

The bank also recorded an all-time profit high of Rs. 6.45 crore during the last fiscal.

Addressing presspersons here on Wednesday, Mr. Kumar, who is also president of the Karnataka State Apex Cooperative Bank, said the move by the State Government to provide loans to the farm sector through the cooperative sector at four per cent interest rate spurred growth in credit to the agricultural sector. Mr. Kumar said the bank also disbursed Rs. 246.77 crore to other sectors to record an all-time high credit disbursement of Rs. 557.25 crore.

The bank, which also set a record for a total business of Rs. 1,228.25 crore during 2007-08, had deposits of Rs. 671 crore during the period.

Mr. Kumar said the bank had recovered 100 per cent agricultural loans in 2007-08. Stating that the bank had achieved this for the 12th year in succession, Mr. Kumar said this was a national record for any bank.

Stating that the bank had taken the lead in setting up self-help groups in the cooperative sector in the district, Mr. Kumar pointed out that it had set up 20,680 Navodaya SHGs with 1.88 lakh members.

The bank had provided a loan of Rs. 71.81 crore to 19,510 SHGs at a low interest rate and had also organised training and empowerment programmes for them.

The bank had also provided a total subsidy of Rs. 1.72 crore to 172 of the 174 primary agriculture credit cooperative societies in the erstwhile Dakshina Kannada district and Rs. 47.09 lakh to 95 societies to enable them to buy furniture and also take up construction of buildings, Mr. Kumar said.

He said the bank would have a modern head office soon. All the 53 branches of the bank would be brought under the core banking solution, he said and added that the bank would also install one ATM in all the taluks in a phased manner. Presently, the bank has one ATM at its head office here. Another ATM in Udupi would be commissioned shortly.

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