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K'taka State Coop Apex Bank registers all time high profit

Written by: Staff
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Bangalore, Apr 5 (UNI) The Karnataka State Cooperative Apex Bank has registered an all-time high profit of Rs 27.27 crore on a turnover of Rs 3,500 crore in 2005-06, Bank President M N Rajendra Kumar said today.

Talking to newspersons here, he said the Bank had collected deposits worth Rs 2,262 crore, another record in its 90 years of existence.

Mr Kumar said the State Government, which had announced four per cent interest on farm loans in the budget for 2006-07, had released Rs 400 crore for the same, besides Rs 450 crore towards interest waiver in 2005-06.

To a question, he said the reduction in interest rates would reduce the outstanding amount as farmers would not feel the pinch and return the loans taken. The bank had geared up to meet the increase in demand for loans due to reduction in interest rates.

Mr Kumar said that during the current fiscal, it was proposed to introduce 'Anywhere Banking' in all 31 branches and connect all the District Central Cooperative Banks for online banking.

He said that through 21 District Central Cooperative Banks and 4,587 Primary Agriculture Cooperative banks, the Bank had disbursed loans to the tune of Rs 1762.52 crore during 2005-06, including Rs 1,111.88 crore for agriculture.

UNI MSP GD RKN1317

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