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Kerala co-op bank net up at Rs 6.5 cr

Our Bureau

THIRUVANANTHAPURAM, June 23

THE Kerala State Co-operative Agricultural and Rural Development Bank has earned a net profit of Rs. 6.5 crores in 1999-2000, as against Rs. 5.5 crores in the previous year.

The bank disbursed loans worth Rs. 302 crores during the year to the agriculture, industries and rural housing sectors, according to Mr. K. Sivadasan Nair, President of the bank. This is Rs. 70 crores more than the amount disbursed in the previous year.

Mr. Nair told newspersons here on Friday that the emphasis during the year was on agricultural development projects and related areas, which accounted for Rs. 106 crores of the total advances. Priority was given to small irrigation projects and on improv ing the productivity of plantation crops.

Also, assistance from the bank helped start more ventures in the poultry, fisheries and dairy sectors, Mr. Nair said.

Apart from agriculture, the bank focussed on creating more employment opportunities in the rural areas through innovative industrial ventures. Loan disbursement for the purpose was to the tune of Rs. 73 crores. As many as 6,801 new ventures with employme nt opportunities for 20,175 people, were started under the programme.

In the rural housing sector, the bank disbursed loans worth Rs. 123 crores for construction of 6,614 new houses and renovation of 4,424 houses. Apart from the refinance facility of National Housing Bank, the co-operative bank was also using loan assistan ce offered by the Housing Development Finance Corporation (HDFC) to implement its rural housing programme, Mr. Nair said.

For the current year, the bank has set a target of Rs. 433 crores as loan disbursements. Of this, agricultural development and related areas would get Rs. 143 crores, while Rs. 200 crores would be made available for the rural housing programme, Mr. Nair said.

Meanwhile, the bank has been placed second among the best-performing cooperative banks in the country. The award has been constituted by the National Bank for Agricultural and Rural Development (Nabard).