Mysore co-op bank in expansion

After achieving a profit of Rs 3.10 crore during the fiscal ending March 2009, the Mysore-headquartered Mysore and Chamarajanagar District Co-operative Central Bank Ltd has secured Reserve Bank of India license for banking business across the country.

During the first two quarters ending September 2009, it has earned a tentative profit of Rs 1.28 crore, Bank president C Basave Gowda said.

Out of the profits, Rs 1.5 crore is provided for infrastructure development, including computerisation of all the 1,176 primary co-operative societies coming under the Bank's jurisdiction in the two districts, managing director K C Yathishkumar added.

Its primary agricultural co-operative societies catered to 3,54,216 members comprising 2,23,080 small farmers, 66,276 big farmers, 29,650 SC/ST farmers, 24,650 agricultural labourers and 10,560 artisans.

While advances made last financial year amounted to Rs 133.05 crore, in the last two quarters it has made advances of Rs 119.72 crore. The total outstanding as on September-end accounted for Rs 233.12 crore.

Its recovery from agricultural loans was 77.87 per cent last financial, while it was 33.79 per cent till September end of the present financial year. Recovery from non-agricultural loans was 50.92 per cent and 38.24 per cent, respectively.