Karnataka based Multi State Cooperative Society- Tumkur Merchants Credit Cooperative Limited (TMCC) has crossed a turnover of more than Rs 27k cr in the 2020-21 financial year.
Talking to Indian Cooperative the society Chairman Jayakumar informed that, “It is a joyous moment for us because we have crossed the total turnover of Rs 27k cr. The deposits of the society at the end of the year have increased from Rs 927 crore to Rs 1141 crore registering a growth in this FY”.
“The bank loans and advances increased from Rs 873 crore to Rs 981 crore during the FY 2020-21. he said while underlining the society’s achievements. The society’s Net NPA remains “Zero” at the end of the FY. However, the society has also performed well in the field of earning profit and during the year earned a net profit to the tune of Rs 30.55 crore. Earlier i.e. in 2019-20, it was Rs 27.70 crore”, he asserted.
He further said, ”With a view to expanding our area of operation we will open branches in Maharashtra. As we have applied for the opening of branches in Karnataka and Maharashtra, we hope that the central registrar would give the green light soon.
“We are planning to open a banking training college for the students and we bought the land measuring 11,000 sq feet at the cost of four crores for the purpose”, he claimed.
At present the society’s area of operation is Karnataka and has 12 branches and 3 extension counters.
Recently, the news of TMCC leapfrogging to the AI-era, bypassing the digital era, grabbed the headlines. TMCC, one of the fastest-growing financial institutions in the country with over Rs.1,000 Crore in assets, aims to offer Artificial Intelligent powered banking experiences to all its customers through the partnership with Interface, a global Intelligent Virtual Assistant (IVA) provider for Financial Institutions.
The society was registered as Souharda Credit Cooperative Limited on 23rd March 2006, it commenced operations on 30 April 2006. One of the novel services offered by TMCC is Cash Pickup and Cash Withdrawal at the doorsteps of its customers.
