Though there not many urban cooperative banks in the country which are diversifying their business, Kerala based Anjarakandi Urban Cooperative Bank seems to be bucking the trend.
On the sidelines of the international cooperative trade fair, in New Delhi, one of the bank Directors K C S Nambiar told Indian cooperative that the bank has diversified its business in the products which are wholly made of coconut like Virgin Coconut Oil, Coconut Powder, Coconut powder and others. We are selling the products under the brand name of Sahakari, he said.
“In 2016 we have setup a coconut processing unit which was inaugurated by Kerala Chief Minister Pinarayi Vijayan in Kannur. The Drier plant is having capacity to convert 50,000 nuts per day as copra within 24 hours. The oil production capacity per day is 5000 liters in one shift of 8 hours” Nambiar said.
The coconut oil is extracted from the finest organic fresh coconuts purchased from the local farmers of the Malabar region. Sahakari Coconut oil is available in two types of Bottle and Pouch, he said while sharing further details.
”Besides, we are planning to export our products in other countries also. Over45 workers are active in the plant. We are also having HP Gas Agency and Textile Shop in Kannur which is a total sale of around Rs 2 crore per year” he said.
”We got a very good response during the fair which will help us in increasing our business contracts,” claimed Nambair.
The bank was established in 1914 as a credit cooperative society having a deposit base of Rs 250 crore. The Net NPA of the bank is 1.6 percent. Over 14000 shareholders are associated with the bank.
The bank is having 8 branches across Kannur District of Kerala and earned a net profit of Rs over Rs 65 lakh in the 2018-19 financial year.