K.J.Joseph, Managing Director of Kerala based Central Financial Cooperative Credit Society (MSCCS) is in upbeat mood but for a circular of the Central Registrar.
“Though we have sought permission from the central registrar for opening three more branches in Karnataka and Kerala to carry out our business expansion plan, we are disappointed with the government circular asking credit co-ops to paste a notice on their premises that the govt is not responsible for members’ deposits”, Joseph said.
Talking to this correspondent Joseph expressed his disappointment. “How can the government issue a circular that compromises the credibility of the cooperative movement”, he seemed to ask to himself.
“Our main objective is to meet the credit needs of poor people and farmers without delay and not to earn profit. Whatever profit we earn we distribute among our shareholders”, said K.J.Joseph, Managing Director, Kerala based Central Financial Cooperative Credit Society (MSCCS).
Joseph said “Presently the society is having a business mix of about 40 crore and disbursing a 12 percent dividend to more than 2,500 members.
Recalling the history of the society Joseph said it was formed by P.M.Mathyee in 2010 with a share capital of 11 lakhs and 200 members. The society is having 8 branches.