Maharashtra-based Adarsh Nagari Sahakari Patsanstha located in Alibaug town in Raigad district has performed spectacularly in the 2021-22 FY and crossed the business mix of more than Rs 400 crore.
The cooperative society is on a growth path creating milestones in cooperative development. Besides, it has earned a net profit of Rs 3.68 crore in 2021-22, which was Rs 2.75 crore earlier. The deposits grew from Rs 207 crore in 2020-21 to Rs 249 crore in 2021-22 whereas advances rose from Rs 143 crore to Rs 173 crore.
The society’s total business stood at Rs 422 crore and again this year also the net NPA stood at ‘Zero’ percent.
Talking to Indian Cooperative the society Chairman Suresh Patil said, “In the 2020-2021 financial year, the society opened one branch and the society has now 13 branches across the Raigad district of Maharashtra. The society is also planning to expand its network in the current FY and will open three more branches”.
“In 2021-22, we had taken over Nagothane Vyapari Sahakari Patsanstha, which had a single branch in the Raigad district. In the current financial year we are trying to cross the business mix of more than Rs 500 crore. We have also decided to go paperless in our daily office work”, he added.
The bank’s Chairman expressed his thanks to the Vice-Chairman, Directors, CEO, officials, and members of the society for their kind support and cooperation extended during this financial year for achieving the overall progress of the bank.
As of 31st March 2021, the Investment made of Rs 94 crore and own fund stood at Rs 25 crore.
Recently, the society launched a QR code facility for making payment easier for its users. It is worth mentioning that the society is working hard to cater to the financial needs of street vendors and other small businessmen.
Adarsha Nagari Sahakari Patsanstha was established in 1998 and in a short span of time the society has done well. More than 18k shareholders are associated with the society.