Kerala’s Kozhikode-based Pride Multi-State Credit Cooperative Society has secured a Rs 100 crore short-term working capital loan from the National Cooperative Development Corporation (NCDC).
The agreement was signed on Monday at Trivandrum by Sreedharan K N, Regional Director, NCDC-Trivandrum, and Dr. N. Sairam, Chairman of Pride Credit Society Ltd., in the presence of Shylesh C. Nair, CEO, and Pawsan Varghese, COO of Pride Credit Society.
The loan is intended to provide short-term credit to society members for activities and services falling under NCDC funding.
Speaking to Indian Cooperative, COO Pawsan Varghese expressed gratitude for the support, saying, “The NCDC funding of Rs 100 crore is a recognition of the outstanding performance delivered by Pride Credit Cooperative Society Ltd. under the new Board of Directors since 2021.”
He highlighted the society’s remarkable financial achievements, noting, “The society has been profitable for the past three financial years. In the last financial year alone, the society recorded a growth of 160% in deposits, 103% in loans, and an overall 145% growth in total business. Additionally, the society declared dividends to its members during the last financial year.”
Dr. N. Sairam, Chairman of Pride Credit Society, emphasized the society’s plans to extend its loan portfolio across the 16 states where it holds operational licenses. He further stated that the majority of the loans would focus on the agriculture and allied sectors, which represent the core member base of the society.
It is noteworthy that NCDC has also provided short-term working capital loans to other cooperatives in Kerala, including the Central Financial Credit and Investment Cooperative (CFCICI), ULCCS, and Calicut Service Cooperative Bank, reflecting its continued commitment to strengthening the cooperative sector.
CONGRATULATIONS
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