Kerala based Multi State Credit Cooperative Society Sahyadri Cooperative Credit Society Limited (SCCS) is planning to achieve the business target of Rs 500 crore and open 10 more branches till 2021.
Talking to this correspondent K C George, Managing Director of the Credit Society said it is a bold target but all efforts will be made to achieve it.
Presently, the society is having a business mix of nearly Rs 250 crore including a deposit base of Rs 140 crore and Rs 110 crore as loans & advances. The Society is having a network of 15 branches in two states including Kerala and Tamil Nadu.
With over 7 thousand members associated with it, the credit society earned a net profit of Rs 2.09 crore in the last financial year i.e. 2016-17, the MD said.
Recalling the history of the credit society the MD said the society was established by Mar Mathew Arackal in 2004 with a share capital of around 20 lakhs. It was the first multistate cooperative credit society with a registered office in Kerala, George said proudly.
Asked about his expectations from the government, he said “We are permitted to take a cash deposit of Rs 10,000 only from depositors but we would like the Central Government to amend the law and allow us to take deposits up to Rs 50 thousand”.