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Mangala Credit Co-op nets Rs 50-lakh profit

Our Bureau

Mangalore , May 31

THE Mangala Credit Co-operative Society, Mangalore, recorded a profit of Rs 50 lakh during 2004-05, according to its President, Mr Annayya Sherigar.

Addressing newspersons here on Tuesday, he said that the board of the directors of the society has decided to pay a dividend of 12 per cent.

The society, which has 11 branches in Dakshina Kannada and Udupi districts, will open branches in Saligrama and Venur in Udupi district and Puttur in Dakshina Kannada district during the current fiscal.

Stating that the society is aiming at becoming a co-operative bank, he said the Reserve Bank of India would be approached during the current financial year to achieve that objective.

"Within a year, we want to convert Mangala Credit Co-operative Society into Mangala Co-operative Bank," Mr Sherigar said.

He said that women managers manage six of the 11 branches in both the districts.

The society is also planning to introduce services such as `anywhere banking' and `anytime money'. All the branches of the society are computerised, he said.

The society, which was established in 1991, has mobilised Rs 25 crore deposits and disbursed Rs 22 crore loans till now. The annual turnover stood at Rs 100 crore.

The Society has 15,500 members with a share capital of Rs 1.10 crore, he added.

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