Madhya Pradesh based Multi State Cooperative Society- Bhee Thrift and Credit Cooperative Society was established in 1965 with only 12 members with a share capital of Rs 640 under the leadership of Brit Pal Gupta. Presently there are over 5,500 members with a working capital of about Rs 100 crore. Only BHEL employees can become members of this society, said its Chairman Basant Kumar to this correspondent.
The society has been doing a considerable amount of work for changing the lives of the BHEL employees.
Kumar informed that, “During the financial year 2018-19, the loans and advances of the society rose from Rs 70 crore to Rs 77 crore. Share capital increased from Rs 9.23 cr to Rs 9.43 cr. The net profit earned during the 2017-18 FY was Rs 2.68 crore but now we are expecting to touch the figure around Rs 3 crore”, he claimed.
Besides this, the society is also running the grocery shop along with the showroom of Raymond and Vimal. “We are giving special discounts to our members and if any members want to purchase anything and he/she don’t have money they can buy things on credit. The EMI facility is also available for them”, Kumar informed.
The society store has done sales up to 5.5 cr in the last financial year. Last year the society distributed Hercules Cycles to it’s over 5,500 members. “Our Society is free from political interference which is a unique feature of our society”, he underlined.
The society can provide maximum Rs 15 lakh loan to its members Within 6 months of membership one can get a loan upto Rs 3 lakhs. The best part of this society is its zero NPA- a problem that faces all financial institutions said Kumar who is the Senior Manager at Bhopal based unit of BHEL.
The society has digitized all the activities and made transactions cashless under the dynamic leadership of Basant Kumar. The account is visible online & on mobile app of all members, said one of the society members.
Last year the society distributed 10 percent dividend to its members. It has its own building inside the township of BHEL and around 18 employees are working in the society.