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Our Correspondent

Tumkur , Nov. 26

The Tumkur Grain Merchants Cooperative (TGMC) Bank Ltd has bagged the Best Urban Cooperative Bank in the State award, instituted by Karnataka State Cooperative Federation.

The TGMC Bank President, Mr N.R. Jagadhish, told newspersons here on Sunday that the bank's achievement of "zero percentage of net NPA (non-performing assets)" ranked it above other 10 banks that were listed for the award during the year 2005-2006. Mr Jagadhish said higher productivity per employee was another plus point.

"With just 112 employees, including its top executives, the bank has been managing operations in nine branches in four districts. Productivity per employee stands as high as Rs 8.18 lakh," he added. With a working capital of Rs 303.58 crore, the TGMC Bank is poised to attain the `Schedule Bank Status', he said, adding that 217 of a total of 1,300 urban cooperative banks in the country are competing for the schedule bank status.

"We have fulfilled almost every parameter. The Reserve Bank of India is very likely to accord the status on TGMC Bank," Mr Jagadhish said.

He said the TGMC Bank would become the first to start `core banking operations', enabling its customers to encash cheques through general clearance pool of the commercial banks. "The facility will be thrown open to public in 6 months," he said.

"Banks in cooperative sector are at present handicapped due to their dependence on commercial banks for clearance of cheques. TGMC Bank will overcome the difficulty," he added.

TGMC Bank earned a profit of Rs 9.16 crore in 2005-2006. Holding deposits of Rs 224.77 crore, the bank has advanced Rs 196.78 crore. The bank's capital adequacy ratio is as high as 14.40 per cent. Its turnover crossed Rs 421.55 crore in the last financial year, Mr Jagadhish said.

More Stories on : Awards & Honours | Co-operatives | Karnataka

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Tumkur co-op bank bags award

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