Cauvery Grameena Bank's net profit surges 80 pc

Mysore, May 8 (UNI) Cauvery Grameena Bank, the regional rural bank sponsored by the State Bank of Mysore, has earned a net profit of Rs 5.67 crore in the fiscal ending March 2006, registering an 80 per cent growth from Rs 3.15 crore during the previous year.

In a release here today, its Chairman K Ramaprasad said the bank had made great strides by recording a turnover of Rs 684 crore as against Rs 572 crore during the previous year. The bank had disbursed loans under various schemes to the extent of Rs 210 crore, of which Rs 131 crore was for agriculture sector.

To encourage agriculturists, he said the bank had introduced four new schemes -- Capital Investment Subsidy Scheme for commercial production of units of organic inputs under national project on organic farming, sugarcane crop loans to leased lands, advances for cultivation of patchouli crop used in perfumery and medicines under contract farming, and financing of joint liability groups.

Stating that the bank had computerised 65 branches in Mysore, Chamarajanagara and Hassan districts and proposed to computerise another 20 branches in 2006-2007, he said this would facilitate the farmers to get quick services even in far flung rural areas. During 2006-2007, the bank had planned to disburse loans to the extent of Rs 290 crore, of which Rs 170 crore would be for agriculture. The bank had targetted a turnover of Rs 850 crore in this fiscal.

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