Maharashtra’s leading multi-state credit cooperative, Dharampeth Mahila Multi-State Co-operative Society, has taken a significant step towards becoming a cooperative bank.
At its 31st Annual General Meeting (AGM) held last week, shareholders unanimously approved a resolution to convert the society into a bank, paving the way for it to soon apply for a banking license with the Reserve Bank of India (RBI).
The society presented its annual performance before members along with the special agenda of conversion, which received full support from the shareholders.
It is noteworthy that the National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB) had constituted a task force to shortlist 42 societies, including Dharampeth Mahila, and directed them to pass board and AGM resolutions before applying for a banking license. In this context, Dharampeth Mahila has become the first society to secure shareholder approval on the matter.
Under the dynamic leadership of Chairperson Nilima Bawane, the society has been on a steady growth path. Its total business has crossed Rs 2,300 crore, while it earned a net profit of Rs 8.25 crore during the last financial year.
On this occasion, Vice Chairperson Satyakshi Pendse presented key proposals, which included the declaration of a 9.50% dividend for shareholders. The proposals were unanimously approved.
The AGM concluded with directors expressing gratitude to the members for their trust and cooperation. The meeting was conducted by Anagha Vaidya, while the vote of thanks was proposed by Sangita Rakhuwar and Shraddha Purohit.