The 106-year-old Salem District Central Cooperative Bank (SDCCB) in Tamil Nadu has recorded an impressive deposit mobilization of Rs. 2,934.08 crore, according to a report from Hindu.
The bank has posted the highest profit earnings since its inception in 1909 of Rs. Rs. 22.43 crore during 2013-14. The audit of the last year’s achievements is in progress and the bank’s profit is expected to go still higher, bank officials say.
The Tamil Nadu cooperative bank has been liberal in extending loan to the weaker sections, particularly to the farm sector. Its track record on recovery rate too has been striking. The bank has set a record in the recovery of crop loan, by registering recovery percentage of 98.43 last year.
The bank with its 60 branches accounts for 379 Primary Agricultural Cooperative and Credit Societies (PACCS) in Salem and Namakkal districts. The bank has always put special importance on strengthening the financial position of these cooperative societies. Apart from disbursing loans worth Rs. 432 crore to its members, the bank has been helping all kinds of self help groups in the area.
Sources say the bank has started started computerizing its branches and primary agricultural cooperative credit societies in a big way. The bank will soon open new branches in Kanumanthurai, Ammapettai, Kannankurichi and Gurusamipalayam.