There is good news from one of the major credit cooperatives operating from Rajasthan- Adarsh Credit which earned a net profit of Rs 481.28 crore for the financial year ending on 31st March 2018.
A jubilant MD of the Adarsh Credit Mr Rahul Modi thanked shareholders for their unflinching trust and his managerial team for their tireless efforts to take the organization to greater heights. It bears recall that the number of members as on date count more than 20 Lakh.
The giant Credit Co-op announced a dividend of 16 % to all its members for the FY 2017-18. The announcement was made in the 20th Annual General Meeting (AGM). The payments of dividends would start soon. Adarsh Credit also announced an interim dividend of 15 percent for the FY 2018-19, says a press release issued by the society.
Rahul Modi, MD & CEO, Adarsh Credit said the share capital and reserves have increased by 40.48 % compared to the previous financial year and the total share capital and reserves amount to Rs 2705.65 crore. The Capital Adequacy Ratio of Adarsh Credit for 2017-18 is 35.60% which shows a strong financial growth and the stability of the organization.
The huge rise in the number of members shows the trust of people towards the organization, claims the credit co-op press release.
Modi also added that the web version of Adarsh Mobile Money Application has been launched to help the members avail financial services through the web version. The process of nomination of members is also being digitally completed. This will lead to more digitalization and be a step towards a paperless economy.
“An enthusiast in the matter of application of latest technologies, today 100 percent of all transactions in Adarsh Credit are done through Adarsh money mobile application. Adarsh Credit has also adopted Adobe Sign, an e-signature solution for the members of Adarsh Credit to ensure financial services are carried out without the use of physical KYC and e- signatures provided through smart phones”, claimed the young MD Modi.
The E- FDR’s will be issued to the members in future and members of the society will also be able to avail member loans through Adarsh Money Mobile Application. In addition, the members have also been provided with the facility of cross sale platform, he added.
Adarsh Credit has also won many accolades and awards in India as well as abroad for using the newest technologies.