Corporation Bank has extended loans at 3% interest to about 2,700 fisherwomen under a scheme of Karnataka Fisheries Department to finance the fishing community at discounted rate. The bank has launched this scheme in association with the Dakshina Kannada and Udupi Co-operative Fish Marketing Federation through the formation of joint-liability groups (JLGs).
The loan carries interest rate of 3% for beneficiaries and it is repayable in 35 months. Each JLG shall have a minimum of four members and maximum of 10 members. Each member is eligible for a maximum loan of Rs 50000. In Mangalore, Corporation Bank has identified 72 JLGs with around 700 fisherwomen. The bank extended around Rs 3.50 crore of loans through 11 branches. The bank has financed 233 JLGs with 2,000 fisherwomen in Udupi district. It has extended loan of Rs 9.73 crore to them through six branches in that district.
The bank has reported a rise of 5.18% in its net profit of Rs 402.22 crore for the quarter ended December 31, 2011 as compared to Rs 382.42 crore for the same quarter in the previous year. Total income has increased by 39.08% from Rs 2,735.74 crore for Q3FY11 to Rs 3,804.50 crore in the quarter under review.
