Staff Reporter

KANNUR: Various functions, including a conference of

co-operators, seminars and various programmes for students, will be organised to mark the golden jubilee of Madai Co-operative Rural Bank Ltd. at Pazhaynagadi here.

Bank president K. V. Balan and secretary P. P. Raveendran said at a press conference here on Thursday that Health Minister P. K. Sreemathy would inaugurate the bank's golden jubilee celebration at a function to be held at Eripuram at 11 a.m. on June 11.

She would also lay the foundation stone for the golden jubilee building, they said.

The bank had its origin in the Pazhayangadi Producers-cum-Consumers Society formed on July 31, 1946 to address the shortage of food in the erstwhile Madayi farka following the outbreak of the World War II.

The bank had been registered in 1956 with 3,742 members with a share capital of Rs.65,000. The bank's share capital as on March 31 last was Rs.2.2 lakhs and its deposits rose to Rs.130 crores.

The bank has 15 branches. It has been making profit since its formation.

They also said that the bank had also been working as an LIC premium collection agent and a corporate agent of the National Insurance Company.

The bank was issuing demand drafts payable in India and abroad in collaboration with the HDFC Bank, they said.

The bank had also introduced an insurance scheme for its members and offered insurance coverage for its customers taking loans.