Karnataka

New branch of DCC Bank opens

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Claiming that the DCC Bank has already crossed working capital of over ₹6,000 crore in twin districts of Vijayapura and Bagalkot, MLA and DCC bank president Shivanand Patil said that the bank has been working for farmers of the district.

Addressing at the opening of new branch of the bank on Saturday, he said that in Vijayapura alone, the bank has waived off loans worth ₹1,000 crore after government wrote off farm loans. “Our primary objective is to provide financial assistance to farmers to make sure that they work in farms without any worry,” he said.

Stating that sugar factories are the bank’s main source of earning, Mr. Patil said a majority of sugar factories of the twin districts avail loans from the bank.

About the new branch, he said it was earlier functioning in a rented building. Now, the bank has its own building.

“We have 39 branches in the district. By November, we would like to add 11 more to bring the total to 50. Since we are celebrating 100 years of the establishment of the bank, we are also planning to hold a ‘state cooperative week’ in Vijayapura this month. We are in touch with the functionaries of the cooperative federation,” he said.

In his address, Siddeshwar Swami of Gyana Yogashrama urged farmers to repay the loans on time to help the bank run smoothly. “The bank should work for farmers and farmers should work for the bank. That is the basic principle of the co-operative bank,” he said.

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Printable version | Jan 18, 2020 9:24:59 AM | https://www.thehindu.com/news/national/karnataka/new-branch-of-dcc-bank-opens/article30545702.ece

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