'Sophisticated building for bank soon'

Addressing a press meet here on Monday, he said that a new sophisticated building will be constructed for the bank at an estimated cost of Rs 45 lakh. While Rs 20 lakh will be drawn from the Bank’s reserve fund for the building, Rs 20 lakh will be taken from the profit equity and Rs 5 lakh will be sanctioned by the district administration through MLA K M Krishnamoorthi, he added.

The Bank has secured the ‘A’ grade in loan recovery in the district. Bank has a share capital of Rs 1.21 crore and about 10,000 members, he explained adding that about Rs 1.87 crore has been distributed as loans to various sectors.

Farmers can obtain loans at lower interest rates ranging from 3 to 6 per cent. Penalty will be levied at the rate of 12 per cent if the loan was not repayed on time, he said adding that the bank has stopped sanctioning two-wheeler loans due to lack of proper repayment.

Bank distributes loans for the purchase of tractor, fruits cultivation, dairy farming, compost manufacture unit and also for other non-agricultural purposes. Education loans will be distributed to students for pursuing engineering and medical courses after the general body meeting, Raviprakash said.

MLA K M Krishnamoorthi, former chairmen Kalmaradappa, Umesh, Gangappa, Shekharappa and director Chandrashekhar were present.

DH News Service

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