For a change, here is a co-operative which claims that Covid has not done any harm to its business.
Suresh Patil, Chairman of Alibaug based Adarsha Nagari Sahakari Patsanstha in Raigad district of Maharashtra claimed that there is no adverse impact of Covid-19 on the business of credit society and our society is on a growth path.
Highlighting the performance of the society Patil said, “We have crossed the business mix of over Rs 300 crore in 2019-2020 financial year. Earlier in 2018-19 our business mix was around Rs 247 cr. Besides, our deposits have increased from Rs 142 crore to Rs 175 crore whereas loan and advances rose from Rs 104 crore to Rs 124 crore”, he claimed while talking to Indian Cooperative on the phone.
“There is no adverse effect of Covid-19 on our business and the recovery of loan is also going on slowly. Over 50 percent of total borrowers of the society are paying back their dues. But in the current situation we are facing the problem of new borrowers, he said with a tinge of sadness.
Meanwhile, now the net NPA of society is 0.96 percent and the society earned a net profit of Rs 2.52 crore in 2019-2020 FY. Earlier it was Rs 2.30 crore, Patil informed.
In a bid to give facility to the customers, the society has launched the mobile app in the lockdown period. Scores of customers are currently availing the facility and paying their electricity, landline, mobile bills and others through the app. Presently, 1k people have downloaded this app on their mobile phones, Patil underlined.
In the 2019-2020 financial year, the society has opened two branches and the society is having 9 branches across different districts of Maharashtra. Meanwhile, the society has also launched several loan schemes for wooing their customers in the present situation.
The society has also contributed Rs 1.51 lakh towards the CM relief fund and 50k towards the fund created by the DM of the district. “We are also active at ground zero and providing essential items to the needy”, he added.
Last year, the society shifted its office in a new spacious building spread over an area measuring about 10,000 sq feet. The total expense on building construction was about Rs 7 crore and it is a 3 storey building.
Adarsha Nagari Sahakari Patsanstha was established in 1998 and in a short span of time the society has done well. About 10k shareholders are associated with the society.