Karnataka based Multi State Cooperative Society- Tumkur Merchants Credit Cooperative Limited (TMCC) has crossed a business mix of more than Rs 15k cr. The Society aimed to extend its area of operation in Maharashtra and vows to achieve a business target of Rs 20k cr in FY 2019-20.
In a telephonic interview the society Chairman Jayakumar informed that, “It is a joyous moment for us because we have crossed the business mix of more than Rs 15k cr and aimed to achieve Rs 20k cr till the end of this fiscal. With a view to expanding our area of operation we will open branches in Maharashtra”, he said.
“As we have applied for the opening of seven branches in Karnataka and Maharashtra, we hope that central registrar would give the green light soon. We are planning to open banking training college for the students and we bought the land measuring 11,000 sq feet at the cost of four crores for the purpose ”, he claimed.
He further said, the project will take 1.5 years to complete and it will be 5 storey building. The total cost of the project is Rs 3 crore.
The deposits of the society at the end of the year have increased from Rs 622 crore to Rs 796 crore registering a 28.03 percent growth in this FY. The bank loans and advances increased from Rs 562 crore to Rs 725 crore during the FY 2018-19, registering a 28.93 percent growth, he said while underlining the society’s achievements.
The society’s Net NPA remains “Zero” at the end of the FY. However, the society has also performed well in the field of earning profit and during the year earned a net profit to the tune of Rs 21.26 crore. Earlier it was Rs 17.58 crore.
In this financial year, the society has targeted to achieve a deposit base of Rs 1000 cr and loan and advances of Rs 900 cr. This year also society will disburse 15 percent dividend to its shareholders.
The society was registered as Souharda Credit Cooperative Limited on 23rd March 2006, it commenced operations on 30 April 2006. One of the novel services offered by TMCC is Cash Pickup and Cash Withdrawal at the doorsteps of its customers.