In a remarkable stride towards modernization, Karnataka’s Belgaum-based Shri Beereshwar Cooperative Credit Society, Examba, widely recognized as the largest multi-state credit co-op in South India, is now aspiring to become a full-fledged cooperative bank.
Known for its exemplary role in promoting rural financial inclusion, the society is poised to offer advanced and tech-driven services while preserving its cooperative spirit.
This ambitious plan was shared by the society’s Chief Promoter and seasoned politician-cooperator, Annasaheb Shankar Jolle, during an exclusive interaction with this correspondent in Karnataka’s Belgaum district.
“We plan to convert our society into a cooperative bank, but without compromising the cooperative ethos that sets us apart from other sectors. We have already submitted the application to the concerned authorities, and currently, the proposal is under initial review,” said Jolle.
With a robust presence across Karnataka, Maharashtra, and Goa, the society boasts an impressive network of 226 branches, including 84 branches (around 40%) in Belgaum district alone.
Jolle further revealed that the society is now gearing up for a strong expansion push into Western Maharashtra, recognizing the immense potential to serve underserved farming communities in the region.
“We have applied to open 15 new branches in Western Maharashtra. Currently, we operate 46 branches in that region alone,” he added.
Highlighting key policy gaps, Jolle made a strong case for DICGC (Deposit Insurance and Credit Guarantee Corporation) coverage for credit cooperatives, similar to what is provided to banks, to instill greater trust among depositors and boost financial inclusion in rural areas.
“The formation of the Union Ministry of Cooperation under the leadership of Amit Shah ji has brought in many positive changes. However, we urge the central government to extend focused attention to credit cooperatives, which are doing commendable work where mainstream banks hesitate to step in,” he said.
Jolle also pointed out a few operational limitations credit co-ops currently face, such as the absence of CIBIL-like credit scoring mechanisms and the inability to issue chequebooks, both of which are crucial for building public confidence and ensuring parity with the banking sector.
“These issues need to be addressed urgently to create a level playing field for credit cooperatives,” he asserted.
In a unique initiative that sets it apart from its peers, Shri Beereshwar Cooperative Credit Society offers
lifetime pensions of Rs 25,000, Rs 20,000, and Rs 15,000 to its retired employees based on seniority, an unheard-of practice in the credit cooperative sector.
Notably, the society made Beereshwar Employee Pension Trust which enjoys income tax exemption, further demonstrating the society’s commitment to employee welfare.
Currently, the society disburses a whopping Rs 4 crore in monthly salaries to its 1,200 employees, making it one of the highest salary-paying credit co-ops in the country.
But the story doesn’t end there. The society’s state-of-the-art headquarters in Examba, spread over a vast area, rivals top corporate offices in design and infrastructure, an extraordinary feat in the cooperative world. The grandeur and facilities of this office warrant a separate feature, which we will soon bring to our readers.
The society has a business mix of over Rs 7,700 crore and is rapidly advancing towards the Rs 10,000 crore milestone. Another distinctive trait is that it holds its Annual General Meeting (AGM) ahead of any other credit cooperative or cooperative institution in the region, demonstrating both transparency and efficiency in governance.
Dear sir.I pray to God that your work will progress further. They are still struggling to become a government bank. You are helping people like us. This May your bank spread throughout India. Thank you so you 🙏🙏