It is worth mentioning that when the gold loan scam came to light depositors had withdrawn Rs 109 crore from their accounts severely affecting the lending capacity of the bank. Meanwhile, the Karnataka Apex Cooperative Bank has also come forward to help the beleaguered bank with Rs 75 crore to effect an improvement in the bank’s financial situation.
The SDCC Bank had advanced loans worth Rs. 315 crore in 2013-14. In 2014-15, it has so far advanced loans to the tune of Rs. 220 crore. As the SDCC Bank was functioning as per the regulations of the Department of Cooperation, the customers should not have any apprehensions about the safety of their deposits.
Important cooperative officials and office -bearers of the Shimoga bank were present on the occasion.
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