PUDUKOTTAI: The Pudukottai District Central Co-operative Bank has earned profit, wiping out its cumulative losses till recent years, the Registrar of Co-operative Societies, Jatindranath Swain, said.
Presiding over the official review meeting here on Wednesday, Mr. Swain said that the Bank which incurred a cumulative loss totalling Rs. 14 crore had netted a profit of Rs.13.5 lakh during the financial year 2008-09. He advised the officials to step up the business portfolio up to Rs. 500 crore during the current fiscal, to register more profitability.
Mr. Swain, who specifically reviewed the implementation of the ‘Joint Liability Group’ (JLG) scheme, the flagship programme for the development of agriculture in the State, said that the performance of the JLGs formed in the district during 2008-09 was highly impressive.
Rate of recovery of farm credit was also appreciable. The Bank had sanctioned Rs. 2.67 crore to 300 JLGs formed during 2008-09. Based on the prompt recovery by the majority of the JLGs, the Bank had released another Rs.2.01 crore during the current fiscal for the purchase of farm implements such as power-tiller, mini-harvestor and mini-tractor.
M. Pazhanivelu, Special Officer of the Bank and A. Tamilarasan, its General Manager, said that the JLG concept had inspired the farmers to a great extent. A total of 140 members of 14 JLGs of Alavayal village in the district had contributed Rs. 5,000 each and purchased mechanised implement, without relying on bank credit.
Mr. Swain gave away credit for the purchase of mechanised implements to the tune of Rs. 90.41 lakh to the members of the JLG.
Earlier, accompanied by T. Ramani Devi and other officials, Mr. Swain inspected a few cooperative banks in and around Avudaiyarkovil and Aranthangi.