Daijiworld Media Network - (HB)

Udupi, Jan 30: The first branch of Guru Shri Credit Co-operative Society Limited was inaugurated at Kolalgiri, Gajanana Complex here on Sunday January 29.

Fr Wilfred Frank, parish priest, Sacred Heart Church, Kolalgiri inaugurated the society by lighting a lamp. He conveyed his best wishes. He extended his wholehearted support and gave his blessings.

Praveen B Naik, KCS, deputy manager, Co-operative Societies, Udupi district presided over the inauguration ceremony.

Addressing the gathering Janardhan Thonse, member, zilla panchayat said, "Kolalgiri is a faster developing village in the city and so villagers will always approach credit co-operative societies rather than banks. Nowadays societies are well equipped with required safety measures justlike other banks. He hoped that the society reaches great levels."

Arathi, president, grama panchayat, Uppoor put the computer in action.

Franky D’Souza, member, Uppoor gram panchayat, Ganesh B Poojary, member, Uppoor Gram panchayat, Soma Poojary, honourary president, Billava Seva Sangha, Havanje, Suresh Shetty, president, management committee, Sri Mahalingeshwara Temple, Havanje, T Krishnappa, deputy president, Shantha, chief manager and members of the directive board and advisors were also present.

Dinakar Poojary in his key address said, "The society was launched in 2011 and since then the society has been on an ‘A’ grade recognition. The fixed deposit amount is Rs 5 crore, out of which Rs 4 crore is given as loans, Rupees one crore amount as reserved capital. The turnover is about Rs 20 crore, 96% is in recovery process. It provides low interest loans on gold, housing, vehicle purchase and personal loans. The profit is Rs 12 lac.

Krishna Shridharan, president welcomed the guests and the board members.

On the occasion, deposit letters were distributed to the account holders.