RMS bank to pay Rs 38 lakh as dividend to its members

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Ambala, Sep 30 (UNI) The Postal and RMS Employees Cooperative Bank Limited, Ambala Cantonment today decided to pay a dividend amounting to Rs 38.45 lakh to its members out of the total profits of over Rs 63 lakh for the financial year 2006-07.

This decision was taken at the general body meeting of the bank held at Bal Bhawan here.

About 16,000 members from the Department of Posts working within the Banks operational area from Jammu and Kashmir to Delhi would benefit from this decision.

Disclosing this, the Bank Chairman S L Goel said that the bank had paid the income tax amounting to Rs 35 lakh to the government after the exemption of Section 80 L of Income Tax had been withdrawn.

He said that through another decision, the bank had increased the loan limit from Rs 70,000 to Rs 80,000 at the nominal premium of Rs 500 per year for each member.

He informed that over 2500 members from different parts of Northern India attended the meeting. He said that the working capital of the bank had increased from Rs 5.23 crore to Rs 83 crore as on date.

UNI

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