Maharashtra based credit cooperative society namely Kamal Nagari Sahakari Patsanstha in Alibaug which claimed to be unaffected by the coronavirus, is having ambitious plans to take the society to newer heights. The Society is eyeing a business mix of Rs 1k crore till 2027 and plans to spread its area of operation outside the Raigad district.
Having 13 branches across in Raigad district alone, now we are planning to spread our area of operation in Ratnagiri and Sindhudurg districts of Maharashtra. Besides, we have got the permission from the state govt to open two more branches in Raigad district, said the society Chairman Satishchandra Patil to this correspondent on the phone.
He further added that, as of now our business mix is about Rs 346 crore but we are aiming to achieve a business turnover of Rs 1k crore till 2027 and we are sure that we will achieve our targets. Despite the corona scare, in the seven month we have done the business of Rs 45 crore.
Meanwhile, the Society has succeeded in increasing deposits, loans and advances, own funds but the society’s net profit has declined in the 2019-2020 FY.
The society’s deposits rose from Rs 180 crore to Rs 196 crore and loans and advances increased from Rs 125 crore to Rs 141 crore as on 31st March 2020. Besides, the society earned a net profit of Rs 2.19 crore. Earlier it was 3.05 crore, Patil informed.
The society is also focusing on engaging more and more customers by reducing the interest rates on advances. “We are in the process of reducing the rate of interest on advances. With this, we can engage more and more customers”, he stressed.
Recently the society has shifted its Poynad branch to another location. ” For the customers and members’ convenience we have shifted our Poynad branch to another location in Poynad village itself because of lack of space. It was inaugurated by the board members including founder Chairman Girish Tulpule”, Patil said.
Readers would recall that earlier, in order to help the government, Maharashtra based Kamal Nagari Sahakari Patsanstha, Alibag contributed Rs 2.19 lakh towards the Chief Minister Relief fund.
Kamal Nagri Sahakari Patsanstha was established on 4th April, 1992 with about 300 members and with a deposit of Rs 30,000.