The assistance will also be for education

The Repatriates Cooperative (REPCO) Bank has set aside a sum of Rs. 2.15 crore during the current fiscal for the welfare of repatriates, according to M.P. Siva, Manager of the Kotagiri branch of the bank which came into being earlier this month. Speaking to The Hindu at Kotagiri on Thursday, he said that the allotted sum would be utilised for extending assistance for various welfare projects and also for education and treatment of various diseases. Pointing out that the bank has been consistently maintaining a zero net record on the non-performing assets front, he said that the bank’s business mix has crossed Rs. 8, 506 crore.

Stating that the Kotagiri branch has drawn up a plan of action to increase its deposits and advances, Mr. Siva said that it aims to promote in a big way a new Recurring Deposit scheme which comes with an insurance coverage of Rs 1.00 lakh for 5 years at Rs 1,310 a month with a maturity value of Rs. 1,00,036.

Among its other products are heavy vehicles finance and housing, debt clearance, medical, marriage, education and business development loans.