Karnataka-based Siddhasiri Souharda Sahakari Niyamit, which has a network of 147 branches across the state, is making a mark for itself by financing street vendors and small businesses in the state. It is now eyeing a ‘Multi-State Status’ tag from the Central Registrar.
Established in 2006, the Souharda co-op has five regional offices in different parts of the state. The co-op has a business mix of more than Rs 2,000 crore and is headed by a strong politician from the BJP namely Basanagouda Ramanagouda Patil, the legislator from the Bijapur City of Karnataka.
Talking to Indian Cooperative Jyotiba Khandagale, MD-in-charge said, “With the new schemes we are working hard to cater to the financial needs of downtrodden people. We have sanctioned huge loans to the street vendors or the people involved in micro-businesses and you will be surprised to note that there is 100 percent recovery from them”.
“Besides, we are also empowering the women and youth with various schemes specifically aiming at women and budding entrepreneurs. We are running multiple branches which are wholly owned and managed by women. More than 270 Self Help Groups (SHGs) are associated with the bank and we have sanctioned Rs 1.50 lakh per SHGs”, he informed on the phone.
Khandagale further added “Our society had taken over the beleaguered Chincholi Sugar Bio Industries last year and now we are planning to revive it so the farmers can get the benefit.”
The total expense for reviving the said industries is over Rs 300 crore and we have submitted a proposal to the State Bank of India, Canara, and Karnataka Bank for taking a loan. Hope it will be sanctioned sooner than later, he underlined.
The Souharda co-op is also active in doing CSR activities. From planting trees across the city of Vijayapura, the co-op has installed about 10 water purification units, with Pradhan Mantri Jan Aushadhi stores providing medicines at the lowest rate.
The co-op is also focusing on upgrading technology to compete with other players in the market. At present, the co-op is providing NEFT/RTGS and mobile banking facilities to its customers.