The Union government and four southern States have agreed to increase their equity contribution to the Repatriates Cooperative Finance and Development (REPCO) Bank, according to M. Balasubramanian, Managing Director of the Bank.
The present equity base of Rs. 6.3 crore would go up to Rs. 110 crore by March 2012. Of this, the Union government would provide Rs. 75 crore more, Mr. Balasubramanian said after the 40th anniversary celebration of the Bank.
[The Bank was formed by the Central government and the four States in 1969 to rehabilitate Indian repatriates from Myanmar and Sri Lanka]
To mark the occasion, the REPCO Foundation for Micro Credit, a non-governmental organisation developed by the REPCO Bank, a signed memorandum of understanding with the Indian Overseas Bank for rendering assistance to members of self-help groups in Tiruvallur and Tiruvarur districts. Another MoU was signed between the REPCO Home Finance and Star Union Dai-ichi Life Insurance, a firm promoted by Star Dai-ichi, Bank of India and Union Bank of India, for catering to the life insurance needs of customers of the Home Finance.
Mr. Balasubramanian exchanged documents with S.A. Bhat, Chairman-cum-Managing Director of the IOB and M. Balachandran, Chairman of the Star Union Dai-ichi, in the presence of P. Chidambaram, Union Minister for Home Affairs.
The Union Minister, launched a deposit scheme of ‘Repco 40+’ and gave away awards to best-performing SHGs and loan sanction letters to SHG members. He exhorted the REPCO Bank to strive for achievement of targets within the prescribed timeframe.