This year Karnataka based Multi State Cooperative Society- Tumkur Merchants Credit Cooperative Limited (TMCC) has contributed a cheque of Rs 17.58 lakh towards Cooperative Education Fund maintained by the apex body of Cooperatives National Cooperative Union of India (NCUI).
The Society Chairman Jayakumar handed over the cheque to the NCUI President Chandra Pal Singh Yadav on the occasion of the AGM of the apex body of cooperatives held last week in New Delhi.
In the last fiscal, the society had contributed a sum of Rs 14.28 lakh towards the Co-op Education Fund.
Readers would know as per the Cooperative Act a multi-state cooperative society shall out of its net profits in any year credit 1 per cent to the cooperative education fund maintained by the National Cooperative Union of India. IFFCO has been the highest contributor to this Fund so far.
The society’s total turnover is Rs 14,000 crore and has earned a net profit to the tune of Rs 17.58 crore in the last FY 2017-18. The society has announced 15 percent dividend for its shareholders and the society is able to maintain the NPA level at 0.
The society was registered as Souharda 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.