It is indeed heartening to hear success story of a cooperative banks amidst news of default and penalties from most of them. Manapparai Town Cooperative Bank offers some solace.
A Reserve Bank of India team has pronounced Manapparai Town Cooperative Bank one of the 10 most efficiently managed banks of Tamil Nadu.
The bank has earned significant profit through scant staff.
Official of the Bank claims the bank last year has had a profit of about 17 lakh and provided its members with 14 percent dividend.
Official added the bank has nearly 6 thousand members with a deposit of 20 crore. The bank has distributed nearly 150 million rupees as loans. The bank has put more than 80 million rupees in other cooperative institutions.
All the deposits with the Manapparai Bank are fully insured with an insurance body that is connected to the Reserve Bank of India.