MANGALORE: Thirteenth branch of Sri Gokarnanath Cooperative Bank Ltd has been inaugurated its 13th branch at Regal Plaza, on Mission Street. The bank has branches in DK and Udupi districts. Starting out as a cooperative society at Kudroli area here in 1925, it was upgraded in to a town cooperative bank in 1971.
According to A Shivananda Karkera, president the bank has catered to the needs of backward and economically weaker sections of the society by providing them with group financial lending. The bank as per permission granted by Reserve Bank of India intends to open one branch each year. ” RBI allows a bank of our nature to add 1 per cent of its existing branches in the form of new branch,” he said.
Karkare said that the bank during 2008-09 declared a dividend of 20 per cent and earned a profit of Rs 93.86 lakh during 2009-10. The bank’s capital adequacy ratio is 19.37 per cent, above RBI norms.
Computarization of branch and its administrative head office will take place in a phased manner. At present, seven out of its 12 branches are computerised.