Co-op bank announces novel scheme

Addressing a press meet on Friday, Bank President Appachattolanda and Muthappa said that in 2008-09, 288 members have availed the facility of concession on interest.
In 2009-10, Rs 157.21 lakh has been lent as loan. However, Rs 697.92 lakh has to be recovered.

Owing to the delay in announcing coffee package, the payment of loan is also delayed by the growers. The bank has been fetching profits since 2005-06. In 2008-09, it has posted Rs 14.74 lakh profit.

Bank fetches Rs 3 lakh per month from rent from its buildings. We are planning to increase it to Rs 5 lakh. In 2006-07 and 2008-09, the members were paid 10 per cent dividend.  He said the Centre has set June 30 as deadline to repay the loan.

“Those who repay 75 per cent under loan waiver scheme of 2008, a concession of 25 per cent will be given. “However, it will not be applicable to all types of loans,” he clarified.

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