Staff Correspondent

Business expected to touch Rs. 12 crore mark at the end of this fiscal

  • The society has achieved 83 per cent recovery, says Nagendra Prasad
  • `Over Rs. 70,000 is collected every day under the pigmy deposit scheme'

    MADIKERI: Kodagu District Merchants Multipurpose Cooperative Society here is expected to record a profit of Rs. 8 lakh by March, the first time since its inception in 2002, president of the society B.R. Nagendra Prasad, said here on Thursday.

    Speaking to presspersons here, Mr. Prasad said the society had recorded a profit of Rs. 6.27 lakh at the end of March 2006.

    The society, which had 1,227 members in Kodagu district, had disbursed Rs. 3.79 crore under various heads as on January 31 this year.

    Of this, pigmy overdraft loan was the highest amounting to Rs. 1.45 crore, as against Rs. 1 crore disbursed last year, Mr. Prasad said.

    Jewellery loans

    Loans for jewellery came second with a disbursal of Rs. 24.81 lakh as against Rs. 25 lakh given away last year. Deposits amounted to Rs. 1.82 crore while share capital amounted to Rs. 17.44 lakh.

    Recovery rate

    The society had achieved 83 per cent recovery, he said. Over Rs. 70,000 was being collected every day under the pigmy deposit scheme .

    Business was expected to touch Rs. 12 crore mark at the end of this fiscal, Mr. Prasad said.

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