CB Pur PLD Bank earns a profit of Rs 56 lakh

CB Pur PLD Bank earns a profit of Rs 56 lakh

The co-op institution has disbursed Rs 1.95 cr loan

Speaking at a meeting after the election of the president and vice-president to the Bank here on Wednesday, the legislator said that the cooperative financial institution had disbursed loans to the tune of Rs 1.95 crore during the said period. The Bank has to recover loans of Rs 6.24 crore.

The Bank has been collecting deposits and has formulated a plan to recover 75 per cent of the outstandings. “It is being contemplated to disburse short term loans if loans are recovered as planned,” he stated.

Credit facility

The newly-elected president Narayanaswamy said the Bank has emphasised grape cultivation in the taluk. A sum of Rs 2.40 crore has been disbursed as loan for the purpose. Apart from this, Rs 1.35 crore has been provided for purchase of 27 tractors, Rs 85 lakh for sericulture, Rs 25 lakh for dairy farming, Rs 65 lakh for non-farm activities and Rs 45 lakh for poultry farming. The Bank would lay emphasis on grape cultivation and poultry farming in the present year apart from agriculture, he stated.

Earlier, Narayanaswamy and N Venkataramappa were unanimously elected as the president and vice-president of the Bank.

Out of the 11 directors to the Bank, seven were elected unanimously. Elections were held to the remaining four seats of which Congress secured one and JD(S) won three. Narayanaswamy has been elected as president for the second time.

Kyasamballi Venkatakrishna Reddy and Hunakunda Venkatesh were elected president and vice-president for the Bangarpet taluk Picard Bank. The election for the post of president turned out to be a tough exercise with Venkatakrishna Reddy, Narayana Gowda and Shivashankarappa (all Congress) being strong contenders. However, following a meeting with the local legislator M Narayanaswamy, and the party leaders clearing the name of Reddy, the other contenders withdrew from the fray.

Lottery drawn

On other hand, Congress took over the reins of power in Shidlaghatta Taluk PLD Bank through a lottery. Five from Congress and four supported by JD(S) and BJP were elected as directors in the recently held elections.

 However, there were equal number of directors belonging to various parties, including the nominated one. Hence lottery was drawn to elect the president and the vice-president. Appireddy and Ashwath of Congress were selected to the two posts respectively.

Speaking on the occasion, legislator Muniyappa said the loan waiver scheme introduced by the Union government has come as a breather for banking institutions.