The leading Buldana Urban Co-operative Credit Society is planning to divide itself into two different Multi State Cooperative Societies and the members associated with the society have green lighted the plan during the Special General Meeting held recently.
Now the society will send its plan to the Central Registrar of Cooperative Societies for approval which may take a few months.
It is worth mentioning that Buldana Urban has areas of operation in different states like Maharashtra, Madhya Pradesh, Andhra Pradesh, Chhattisgarh and others, with a network of 466 branches.
Out of 466, the 47 branches in Pune, Satara, Sangli and Kolhapur will be split into a single group and the remaining 419 branches into the other group. The names of societies under which 47 and 419 branches will be covered are Buldana Urban Co-operative Credit Society, Pune and Buldana Urban Cooperative Credit Society, Buldana respectively.
Talking to Indian Cooperative, one of the top officials of Buldana Urban said, “For many reasons we are splitting the society into two Multi state co-operative societies as per Section 17 (1-b) of the MSCS Act 2002. Due to the big network, it is becoming difficult to directly focus on the activities of all the branches”.
“We will also apply to convert the 47 branches into the Urban Cooperative Bank. Perhaps, if it is split into two multi state credit co-operatives, it will be the first of its kind in the history of the cooperative movement”, he added on the phone.
Buldana Urban was established on 15th August 1986 with a capital of only 12,000 shares and 72 members. It is having a business mix of more than Rs 20,000 crore and having around 668 godowns. The society earned a profit of Rs 75 crore in the 2021-22 FY.
Besides, the society is also running RO water ATMs for pure drinking water at more than 70 different places for helping villagers.
