Kodagu District Central Cooperative Bank has decided to open six new branches, said Bank President Kodandera P Ganapathy.
Addressing reporters at the bank premises in Madikeri on Friday, he said that the bank currently has 17 branches. The new branches will be opened at Kodlipet, Hebbale, Balele, B Shettigeri, Kondangeri and Sampaje. The directors have approved the decision.
ATM facility is provided at the head office, College Road, Kushalnagar, Virajpet and Gonikoppa branches. An ATM will be opened in Kutta branch as well. Rupay cards have been distributed to 35,000 farmers.
The bank has Rs 21.87 crore share capital during the year 2018-19. Agricultural loans worth Rs 455 crore have been distributed and a non-agricultural loan of Rs 253 crore has been distributed. The loan recovery is at 91%. The total profit is Rs 12.34 crore and the net profit is Rs 5.52 crore.
Kodandera P Ganapathy further said that the details of 32,903 beneficiaries who have availed short term crop loans during 2018 have been uploaded to the website, towards loan waiver scheme.
The government has sanctioned Rs 179 crore towards the loan waiver of 23,216 farmers. Out of these, an amount of Rs 116.71 crore has been deposited to the bank accounts of 16,673 farmers. The applications of 9,387 farmers are under scrutiny and the amount will be released in a due course, he said.
The DCC president stated that is has been decided to pay a dividend of 10% to the investors.
The DCC Bank was established in 1921 and it will complete a hundred years in 2021. There is a plan to construct a new building to commemorate the occasion, he added.
DCC Bank Vice President Ketolira S Poovaiah, directors B K Chinnappa, B D Manjunath and Manu Muttappa were present.