Cooperative growth has always been the story of daredevils who faced numerous challenges but, undaunted, continued in their stride to expand and grow. Mumbai-based Shivsahyadri Sahakari Patpedhi, a recently recognized multi-state cooperative society, is one such example.
The Credit Cooperative is all set to extend its footprint beyond Maharashtra. As part of its ambitious expansion strategy, the society plans to open its first branch in Karnataka, specifically in Belgaum.
“We have applied to open four new branches — three in Maharashtra and one in Karnataka — to the Central Registrar of Cooperative Societies (CRCS). Our application is pending approval. Currently, Shivsahyadri operates 37 branches across various districts in Maharashtra,” said Pratap Wangde, General Manager of the society, while speaking to this correspondent.
Highlighting the society’s financial achievements, Wangde revealed, “At present, the society has a business mix of around Rs 1,800 crore. We are optimistic about surpassing the Rs 2,000 crore mark by the end of the current financial year.”
Wangde also provided insights into the success of two flagship schemes, Shiv Mudra and Shiv Gold, which have been instrumental in driving growth. “The Shiv Mudra scheme, launched in April 2024, is aimed at promoting financial inclusion among small borrowers, offering loans of up to Rs 50,000. So far, we have disbursed Rs 7 crore under this scheme, and it has gained immense popularity,” he said.
Discussing Shiv Gold, Wangde noted, “This scheme, launched a year ago, has also yielded exceptional results. We have disbursed loans worth Rs 11.50 crore against gold collateral. To ensure quality and weight standards, regular regulatory monitoring is conducted.”
He emphasized the society’s commitment to adopting new technology to stay competitive with public and private banks, as well as other credit cooperatives.
However, Wangde expressed concern over the high interest rates offered by some credit cooperatives to attract depositors. “It is challenging for us to match such rates. Some institutions are luring depositors with unsustainably high returns, which calls for regulatory parameters to address this issue,” he remarked.
With its robust business model and plans for expansion, Shivsahyadri Sahakari Patpedhi is poised to further strengthen its position in the cooperative sector while fostering financial inclusion and innovation.
