Beed (Maharashtra)-based Shri Mangalnath Multistate Co-operative Credit Society has surpassed a business mix of Rs 500 crore, marking a significant milestone in its financial journey.
The society is now focusing on offering gold loans at competitive interest rates, positioning itself as a strong alternative to private players like Muthoot Finance and Manappuram Gold Loans.
Speaking to Indian Cooperative, Society CEO Ravindra Kanade highlighted the scoiety’s financial strength, reporting a net profit of Rs 5.50 crore for FY 2024-25. With total deposits of Rs 300 crore and advances of Rs 200 crore, the society has successfully maintained stability in its operations.
A key highlight of the society’s lending strategy is its Rs 150 crore gold loan portfolio, demonstrating growing demand for secured loans. Additionally, it has disbursed Rs 30 crore in warehouse loans, further diversifying its credit offerings. Looking ahead, the society aims to expand its branch network and provide gold loans at competitive interest rates of 12-13%, making borrowing more affordable for customers.
Shri Mangalnath Multistate is also committed to women empowerment, having provided loans to 7,000 women beneficiaries with an outstanding loan amount of Rs 12 crore. Over the last five years, Rs 50 crore has been disbursed to support women entrepreneurs and self-help groups, reinforcing the society’s role in financial inclusion.
With a CRAR of 9%, Rs 10.50 crore in share capital, and a reserve fund of Rs 35 crore, the society stands on a strong financial foundation. It currently operates 14 branches across Maharashtra, with plans for further expansion into rural and urban markets.
Since becoming a multi state cooperative entity in 2011, Shri Mangalnath Multistate has successfully operated for 25 years, supporting farmers, small borrowers, and microfinance initiatives. Its leadership, backed by extensive experience in government cooperative audits and the cooperative sector, continues to drive the society’s mission of financial growth, stability, and community development.
By offering affordable gold loans and expanding financial services, Shri Mangalnath Multistate is poised for sustained success and deeper market penetration, ensuring financial empowerment for a broader segment of society.
