Credit Cooperative Society- Kamal Nagari Sahakari Patsanstha in Alibaug, Raigad district of Maharashtra has crossed a business mix of Rs 305 crore in FY 2018-19 creating a great deal of enthusiasm among the managing committee members and shareholders.
The society has set a target of achieving a business mix of Rs 500 crore till 2022.
In the current FY, the Society has done well in all the fields including deposits, loans and advances and curbing the NPAs.
In a telephonic interview with Indian Cooperative correspondent the Society Chairman Satish Chandra Patil informed, “We have crossed the business mix of Rs 305 crore and aiming to achieve a business mix of Rs 500 crore till 2022.”
The UCB’s deposits rose from Rs 151 crore to Rs 180 crore and its net NPA fell from 2.28% to 1.1 % in the FY 2018-19. It also had a rise in its net profit from Rs 1.76 crore to Rs 2.05 crore. Presently, the bank is having a business mix of about Rs 305 crore, informed the society chairman on the phone.
He further said, ”despite several challenges due to inadequate market conditions we performed well in controlling the NPAs account and recovered over 1.52 crore in the last FY 2018-19. Past three month our management has focused on controlling the NPA.
The society is also focusing on engaging more n more customers by reducing the interest rates on advances. “We are in the process of reducing the rate of interest on advances and housing loans. With this, we can engage more n more customers because profit making is not our objective but to render good services to the beneficiaries is our main focus”, he underlined.
Presently, the society is having 12 branches across Raigad district but it is the process of taking over the ailing credit society namely CKP Patsanstha, Murud in Raigad district. Hope the process of taking over will be completed soon, he claimed.
“Last but not least I would like to share with you that recently in a function we have urged cosmos bank group chairman Mukund Abhyankar to enlighten us on how to convert our credit society into a bank”, he said.
Kamal Nagri Sahakari Patsanstha was established on 4th April, 1992 with about 300 members and with a deposit of Rs 30,000. The Urban Credit Society was inaugurated by N.S. Pharande then speaker of the Maharashtra Assembly.
Over 8500 members are associated with the society.