Maharashtra based Shree Kulswami Cooperative Credit Society, which comes in the top five credit co-ops of the state, is all set to launch its Mobile Application in a couple of days.
“In a bid to compete with other players in the market, we have to adopt new technologies in society’s activities. Our mobile app is almost ready and we hope that it will launch in the first week of next month”, said Kishor More, General Manager while revealing its future plans to take the society to newer heights.
He further added, we are moving ourselves to a cloud-based system and in this connection, the bank has tied up with the Virtual Galaxy Infotech company. We are leaving no stone unturned in adopting the latest technologies in our activities.
Meanwhile, in his comment the bank Secretary Chandrakant Chavan said, “We are also facing many challenges in running the activities of the society, mainly the permission for recovering the bad loans which is a time taking process. We have to wait for years to get the permission from the RCS office and if the process will be made online then it may be resolved”.
Besides, there are many common issues like creating a body for safeguarding the deposit of depositors on the lines of DICGC, proper channels for checking CIBIL and scores of other things which are the need of the hour.
“Our society was formed with 600 members and share capital of Rs 70,000 in 1984 but now the membership base is of around 1.11 lakh and a share capital of Rs 47 crore. The society has 37 branches in different districts of Maharashtra. We are in process to receive licenses for 12 branches and will open them in the next financial year”, said Chavan.
The society is eyeing to achieve a business mix of Rs 2500 crore in 2025. At present the total business of the society is around Rs 1600 crore.