Maharashtra-based Adarsh Nagari Sahakari Patsanstha located in Alibaug town in Raigad district has performed well in the 2022-23 FY and crossed the business mix of more than Rs 500 crore. The society has entered into the Silver Jubilee year and will organize scores of events to mark the journey.
The cooperative society is on a growth path creating milestones in cooperative development. Besides, it has earned a profit of Rs 4.81 crore in 2022-23, which was Rs 3.68 crore earlier. The deposits grew from Rs 249 crore in 2021-22 to Rs 302 crore in 2022-23 whereas advances rose from Rs 173 crore to Rs 205 crore.
The society’s total business stood at Rs 508 crore and again this year the net NPA stood at ‘Zero’ percent.
Talking to the Indian Cooperative the society’s Chairman Abhijit Patil said, “In the 2022-23 financial year, we have performed well on all the financial parameters and are planning to expand our footprints in other areas also”.
“The society is having a network of 16 branches in 6 districts of Maharashtra and will open two more branches in a couple of months”, Patil informed.
He further noted, “We are looking forward to disbursing small loans and attracting youth to the society. We are upgrading ourselves with the latest technology”.
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 2023, the investment made of Rs 117.74 crore and Reserves and own fund stood at Rs 19.80 crore.
The society recently 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.