Karnataka-based Multi-State Cooperative Society- Tumkur Merchants Credit Cooperative (TMCC) has achieved a turnover of Rs 14,117 crore and earned a net profit of Rs 41.09 crore in the 2022-23 financial year.
As per the financial figures sent by TMCC to the Indian Cooperative “The credit cooperative achieved deposits and advances of Rs 1351.40 cr and 1255.43 crores as on 31st March 2023 respectively”.
“The society earned a gross profit of Rs 178.95 crore. The Net NPA of the credit co-op stood at 0.63 percent”, according to the financial figures revealed by the cooperative body.
Besides, the society has recently conducted its Annual General Meeting and announced a 15 percent dividend for its shareholders. The dividend for the year 2022-23 has already been credited to the members account.
In his message to the shareholders of the credit co-op, Chairman N S Jayakumar said, “Such progress is a testament to unwavering commitment towards our member’s/customer’s financial prosperity. We are not just a bank, we are partners in your journey towards financial security and growth”.
At present, the society’s area of operation is Karnataka and Maharashtra and has 12 branches and 5 extension counters. The society is aiming to open more branches in Maharashtra
The society is upgrading itself in technology to make financial activities user-friendly. In recent years, the credit co-op launched many new online services for their customers and a few more are in the pipeline for the future.
The TMCC aims to offer Artificial Intelligence powered banking experiences to all its customers through the partnership with Interface, a global Intelligent Virtual Assistant (IVA) provider for Financial Institutions.
The credit co-op is providing free accidental insurance to their members for Rs 5.00 lacs, coverage is Accidental death, partial disabled, fully disabled and reimbursement of medical expenses upto Rs 50,000/-, this facility is given to all members at free of cost, the premium is paid by the TMCC.
The society was registered as Souhrada Credit Cooperative Limited on 23rd March 2006, it commenced operations on 30 April 2006. One of the novel services offered by the TMCC is Cash Pickup and Cash Withdrawal at the doorsteps of its customers.