The Goa State Cooperative Bank’s employees cooperative credit society organized its 53rd Annual General Meeting recently and announced that the society earned a net profit of Rs 29 lakh in the 2020-21 FY.
Despite Covid-19, the society succeeded in performing well on all the financial parameters. The deposits of the society increased from Rs 8.86 crore to Rs 10.60 crore whereas advances grew from Rs 10.82 crore to Rs 12.86 crore in the 2020-21 FY.
The Share capital of the society rose from Rs 1.54 crore to Rs 1.62 crore and reserve and other funds increased from Rs 66 lakh to Rs 70.82 lakhs. The society has been on a growth path for the last several years as our Society has been classified under the category “A” for the 8th consequent year after taking charge of the Society in 2014, said its Chairman Sudesh K Nagvenkar to Indian Cooperative.
He further added that the AGM was held with many discussions as per the Agenda and thereafter the 53rd Annual Report of the Society, Audit Report for the year 2020-2021, compliance of the said report, Audited Statement of Accounts for the year 202-2021, Appointment of Auditors, Appropriation of profit for 2020-2021, etc. were approved.
Besides, the society announced to disburse 14 percent dividend to its shareholders. “We are in the process of making a mobile app which will commence before the end of the current financial year. In the future,to start a monthly pension scheme for members by engaging services from LIC or any other Insurance co, Nagvenkar added.
The Society also releases the Retirement benefit of Rs 5001/- to eleven members who retire on attaining superannuation from the Bank & from the membership of the Society.
Recently the society had been awarded Certificate of Appreciation in the State of Goa during 2020 awarded by the Goa State Co-operative Union Ltd., Goa.