Madikeri PLD Bank bags state award

Primary Land Development Bank, Madikeri taluk, has been awarded the first place in the state in recognition of its overall achievement.

Bank chairman Manu Muttappa told reporters that the PLD Bank was adjudged the best among the 178 banks in the state. The bank has been given a trophy and a certificate.

The PLD Bank, Madikeri, was established in 1957 with 25 members and an initial share capital of Rs 3,000. Currently, the share capital is Rs 97 lakh and the bank has 2,550 farmer members. The loan recovery has been cent per cent and the dividend is hiked every year, Muttappa said.

"The bank has contributed Rs 10 lakh from the profit earned during 2017-18 to the flood victims of Kodagu," he said.

Bank manager Balagangadhar, leaders M P Muttappa, Kaverappa, Kongiranda Ganapathy and Ponnamma were present.