Daijiworld Media Network – Udupi (KR/EP)

Udupi, Aug 29: “Mahalaxmi Co-operative Bank, one of the prestigious banks in the coastal region has conducted business of Rs 1,070.76 crore and earned a profit of Rs 3.69 in 2018-19,” announced Yashpal Suvarna, president of the bank.

The bank under Reserve Bank’s observation conducts business through eight branches in Dakshina Kannada district. With deposits of Rs 120.04 crore and loans and advances worth Rs 89.32 crore, the bank has no nonperforming assets. The bank has achieved progress in both deposits and loans.

The bank has been paying 18% dividend repeatedly for the last nine years and received A grade in statutory auditing. The bank has Rs 130 crore deposits and advanced Rs 105 loans at present.

The bank conducts business in its own buildings in its branches at Malpe, Kundapur, Mangaluru and Surathkal. RTGS and Neft facilities are provided free of charge for customers. The branches also have safe deposit lockers, e-stamping and SMS banking facilities. The working hours of Malpe branch are extended from 8 am to 6 pm. Customers are requested to make use of the extended timings.

The bank is trying to bring fishermen of three districts in the coastal region to the mainstream. It has already started fisherwomen’s self help groups and preparing to lend interest free loans to them. It is sincerely trying to provide benefits of government schemes to them. It has plans to issue scholarships to eligible children of members and encourage them while providing excelling banking service to all the sections of people.

The bank established in 1978 has completed 41 years. It intends to open branches in Uttara Kannada and capital Bengaluru and spread its business.

The bank in the news release has congratulated all those who helped in the business and requested for suggestions and cooperation from people in the future.