On continual growth path, Shri Arihant Co-op eyes expansion to Goa

Karnataka’s Belgaum based Shri Arihant Multi-State Cooperative Credit Society is making remarkable strides towards technological empowerment. The society is set to implement Core Banking Solutions (CBS) in its operations and is also planning to launch a mobile banking application in the coming days.

Alongside its digital transformation, Shri Arihant Society is eyeing geographical expansion. Currently operating in Karnataka and Maharashtra, the society is now planning to extend its footprint into the state of Goa by opening new branches.

Founded by the late Sahakar Ratna Raosaheb A. Patil, a respected figure in the cooperative circles of Karnataka and Maharashtra, the society is now ably led by his son, Abhinandan Patil. He is determined to fulfill his father’s vision and is leaving no stone unturned in strengthening the institution.

In a conversation with Indian Cooperative at the society’s head office in Borgaon, Shri Arihant Multi-State Cooperative Credit Society’s CEO A.J. Bankapure shared, “We are on a growth trajectory and committed to taking the society to greater heights. Our current business mix is around Rs 2,600 crore and we aim to cross Rs 3,000 crore by the end of the current financial year.”

He added, “We currently operate 61 branches, with 10 in Maharashtra and the rest in Karnataka. With the Central Registrar’s nod, we plan to expand into Goa with 16 new branches. Additionally, the rollout of CBS and mobile banking will help us compete more effectively in today’s market.”

The society boasts a member base of approximately 16,000, with over 10,000 of them being farmers actively engaged in agriculture. Shri Arihant provides financial services tailored to their needs and offers a dividend of 12% to its shareholders.

Tracing its roots back to 1990, the society began with just 870 members, a share capital of Rs 4.35 lakh, and deposits of Rs 5.45 lakh. It disbursed Rs 8.45 lakh in loans during its initial days and earned a modest profit of Rs 27,216.

Operating from a rented building owned by R.A. Kumble, the society’s founders and board of directors worked tirelessly to build its foundation. In 2002, it was renamed “Shri Arihant Credit Souharda Sahakari Ltd., Borgaon.”

Today, the society stands as a shining example of cooperative success, blending rural empowerment with modern banking practices.