Coop Bank May Open 3 Branches

Published: 12th June 2014 10:54 AM  |   Last Updated: 12th June 2014 10:54 AM   |  A+A-

VELLORE: The Arakkonam Town Cooperative Bank is likely to have new branches at Thakkolam and Thanigaipudur, according to its chairman DuraiKuppusamy.

He disclosed this at the general body meeting of the bank, which had been convened on its premises on Monday.

DuraiKuppusamy said the business activities of the bank would soon be expanded in order  to cover Arakkonam taluk shortly. A vehicle would also be purchased to enable bank officials make speedy collection of outstanding loans.

DuraiKuppusamy also  said that the bank would be spending `60 lakh towards new buildings towards infrastructure for the branches at Palanipettai, Nemili and Anwarthikhanpettai, which were presently functioning in rented buildings. Very soon, the Nemili branch would have locker facility to meet the requirements of customers there, he added.

He further added that the bank had made `42 lakh profit this year and 14 per cent dividend would be distributed to the 11,548 members of the bank.

Besides, `43 crore jewel loans had been disbursed by all branches of this bank till March 2014.

Bank directors Bhavani Karunakaran and Dhanasekaran and general manager G Shanthi were among the others present on the occasion.

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