The election of Karnataka based Mysore Merchants Cooperative Bank was held at Dharmaparayani Alamma Choultry in Shivarampet last Sunday, in which the outgoing Chairman B. Kodandaram has been re-elected as a director on the board of the bank.
The election of Chairman and Vice-Chairman will be held on 13th February 2020. Giving the details of election, Bank’s CEO Sridhar B Kulkarni said, “18 candidates were in the fray for 13 seats. Two candidates from SC/ST reserved category have been elected unopposed as a director on the board”.
“The election was held for 11 seats. 2 seats reserved for ladies, 2 for OBC and 7 are from general category. Only 3 directors are new to the board and the rest of them who are elected on the board this time again, are old ones, he said to this correspondent on phone.
He further said, over seven thousand are the eligible voters but only around 3000 cast their votes in the election.
The former Chairperson and outgoing director M N Sumana from women category lost the election this time.
K.S. Harishkumar was appointed as the returning office to oversee the election process. The candidates filed their nomination papers on 26 January 2020.
The elected Directors are N. Anand, R.P. Krishnamurthy, B. Kodandaram , B.R. Nandish, A. Prabhuprasad , K. Premkumar, N. Sudha and C.V. Somashekhar, N. Kannan, M.N. Mahesh and C.S. Gangambike.
Mysore Merchants Cooperative Bank has a deposit base of 370 crore and loan and advances of Rs 270 crore. In the last financial year bank earned a net profit of Rs 5.62 crore. Bank is having three branches across Karnataka.
The good thing about bank is that the Net NPA is 0 percent and Gross NPA is only 1.8 percent that indicates the recovery of loans by the bank is good.
