Co-op bank earns Rs 4.39 lakh profit

Addressing a press meet here on Tuesday, Bank President Kodi Chandrashekhar said that the bank has decided to distribute 4 per cent dividend to all its members. The general body meeting of the bank will take a final decision in this regard, he added.

Bank has achieved 96.30 per cent of the target in the loan recovery by the end of March 31. The annual turnover of the head office of the Bank was Rs 23.03 crore, Chandrashekhar said. The bank has a proposal of increasing the working capital by modifying the face value of shares from Rs 300 to Rs 500, he said. The ceiling for loans to members and others will be increased from Rs 3 lakh to Rs 6 lakh. Guarantor loan amount ceiling will also be modified from Rs 25,000 to Rs 30,000, he said adding that the new schemes will be implemented after the approval of the general body meeting. It is also decided that the gold loan limitation will be increased to Rs 3 lakh from Rs 1 lakh, Chandrashekhara said. Locker facility will also be introduced in the bank after the general body approval, he added. Bank Vice  President Rajesh Yallappa, Directors M P Muthappa, M P Krishnaraju and A R Joshi were present.