Staff Reporter

Plans to revive coir sector in Alappuzha district

ALAPPUZHA: The Alappuzha district cooperative bank plans to disburse loans to the tune of Rs.500 crores in the district in 2006-07, bank district president Nalanda Gopalakrishnan Nair said on Monday. At a press conference here, he said the bank would give priority to agricultural sector and self-help groups. It would also help revive cooperative societies in the coir and handloom sector in the district whose functioning had been affected by paucity of funds, Mr. Gopalakrishnan Nair said.

The bank had spent Rs.10 crores, through an integrated community development programme, to create better infrastructure for cooperative societies and to set up industries in the agriculture and allied sectors. The bank had given considerable loans to the tourism sector.

Mr. Gopalakrishnan Nair maintained that the bank had been able to get maximum funds from the National Agriculture and Rural Development Bank, and distribute it as low interest loans. He said the credit to deposit ratio of the bank in 2005 was 90.16.

Commercial banks in the district disbursed fewer loans compared to the cooperative bank as the CD ratio was less.

Mr. Gopalakrishnan Nair said the bank would open seven new branches in the district in the first half of the current year.