Karnataka-based Multi-State Cooperative Society- Tumkur Merchants Credit Cooperative (TMCC) has crossed a turnover of more than Rs 16,000 cr in the 2020-21 financial year.
Talking to Indian Cooperative the society Chairman Jayakumar informed that, “Due to Covid-19, there is a slight decrease in the total turnover of the society but we have made efforts to perform better in the 2021-22 FY. The society’s total turnover stood at Rs 16,500 crore. Earlier it was Rs 27k crore”.
“The deposits of the society at the end of the year have increased from Rs 1141 crore to Rs 1239 crore. The bank loans and advances increased from Rs 981 crore to Rs 1148 crore during the FY 2021-22”. he said while sharing the unaudited figures.
Besides, the society’s Net NPA stood at 0.56 percent 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 35.37 crore. Earlier i.e. in 2020-21, it was Rs 30.55 crore”, Jayakumar added.
He further added that this year we are focusing on up-gradation in technology to make financial activities user-friendly. In the next month, we are going to start a NET facility for our customers and we have tied up with another bank.
“At present, the society’s area of operation is Karnataka and has 12 branches and 3 extension counters. But With a view to expanding the 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”, he underlined.
The society was registered as Souhrada 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.