Daijiworld Media Network – Udupi (NR)
 
Udupi Feb 19: “The managements of the local cooperative banks and societies should distribute their profit, in the form of incentives, among the members,” advised M N Rajendra Kumar, president of the DK District Central Co-operative Bank.
 
Rajendra Kumar was delivering the presidential address at the golden jubilee celebrations of the Udupi Taluk Industrial Co-operative Society (UTICS) here recently, which was inaugurated by the president of the District Small Industries Association (DSIA) D Sridhar Shenava.
 
According to him government has levied tax on the profit of the state and district-level cooperative banks. It has already started calculating the possible revenue collection, if the same was levied on the local co-operative institutions.
 
He opined that very soon a day will come of extending tax to the local societies, therefore its imperative for managements instead of accumulating profit to begin distributing the share among the members. He advised the staff that they must treat a customer as a guest, if they want to develop their institution.
 
Another speaker chief guest on the occasion K S Himavanth Gopal, Joint Registrar of Co-operative Societies, Mysore Division, in his speech urged both multi purpose co-operative banks and industrial co-operative banks to make a proper study of the economic viability and technical feasibility of the project, before sanctioning advances.

The gathering was welcomed by the president of the UTICS Alevoor Sridhar Shetty. Also on the occasion, a report on the activities of the society was presented by the general manager Bhaskar Kamath.
 
Also present were vice president Arun Kumar Shetty, directors Indu Ramanand Bhat, L Umanath, A GanapathiKini, Sanjiva Kanchan, M Ganesh Kini, Jagadeesh Acharya, Prabhakar Kotian and Narayana Ballal and a representative from the co-operative department, H S Maheshwarappa.