The Hindu Business Line : Mangala credit co-op society posts profit

MANGALORE: Mangala Credit Co-operative Society has registered a profit of Rs 34 lakh during 2003-04. Speaking to newspersons, the President of the society, Mr K. Annayya Serigar, said that the society has a share capital of Rs 1.10 crore.

It has mobilised deposits to the tune of Rs 22 crore and disbursed Rs 21.50 crore in loans. The society has sought RBI permission to convert into a bank, Mr Serigar said.

The society has 11 branches in Dakshina Kannada and Udupi districts.

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