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Visakhapatnam: The Visakhapatnam Port Trust Employees' Co-operative Society Ltd is organising a loan mela on Monday to disburse Rs 20 crore to its members.

At a press meet here on Sunday, Mr P. Appala Naidu, president, said the society had tied up with the Industrial Development Bank of India (IDBI) to borrow Rs 20 crore at 8.75 per cent and lend it to its members at 9.75 per cent. Subject to a ceiling of Rs 2 lakh per member, he said, loans would be given to members for education or marriage of their children.

A function would be organised on Monday to disburse the loans. Mr K. Ratnakishore, the Chairman of the Visakhapatnam Port Trust, Mr Tamil Vannan, Deputy Chairman, and Mr P.G Prasad, Regional Manager of IDBI, would attend the function, he said.

Mr Appala Naidu said the society had a turnover of Rs 36 crore and estimated profit for the year 2003-2004 was Rs 1.35 crore. The society had 6,137 members and 17 staff members who were being paid on a par with the port trust employees.

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