Pune-based Venkatesh Multi-State Cooperative Credit Society has achieved another significant milestone by reaching an impressive business mix of Rs 900 crore. With a strong growth trajectory, the society now aims to surpass the Rs 1,000 crore mark by the end of the current financial year.
Chairman Krishna Masure, who has been leading the society since 2022, expressed his gratitude to the board members, shareholders, depositors, well-wishers, employees, and all stakeholders for their invaluable contributions in achieving this milestone.
He emphasized that this accomplishment reflects the society’s steady growth and unwavering commitment to providing financial services to its members.
“This milestone is a testament to our strategic planning and the dedication of our members and employees. With a robust presence in the cooperative sector, Venkatesh Multi-State continues to expand its reach and strengthen its financial portfolio. We are confident of achieving our ambitious Rs 1,000 crore target through innovative financial solutions and increased member participation,” Masure stated.
A key factor behind the society’s success has been its focus on digital transformation. Venkatesh Multi-State has positioned itself as a pioneer in adopting cutting-edge technology, becoming the first multi-state cooperative in India to offer fully digital account opening. This initiative has ushered in a new era of paperless, efficient, and customer-friendly banking, setting a benchmark for other cooperative institutions.
The newly introduced system allows customers to open their accounts entirely online with paperless Know Your Customer (KYC) verification. This digital shift has been made possible through direct integration with authoritative platforms such as NSDL for PAN verification and UIDAI for Aadhaar authentication.
Furthermore, in a significant departure from traditional banking practices, field agents no longer need to physically collect cash from customers on a regular basis. Instead, their role now focuses on assisting customers with the initial digital account setup, enhancing efficiency and convenience.
As Venkatesh Multi-State moves closer to its Rs 1,000 crore goal, it is setting a benchmark for other cooperative societies across India. Many credit co-ops have taken notice of its success and are studying its digital transformation model to modernize their own operations.
Venkatesh Multi-State Cooperative Credit Society continues to reinforce the vital role of cooperative institutions in financial inclusion.
Its innovative approach serves as a model for other credit cooperatives, demonstrating that embracing technology is key to long-term growth and success in the financial sector.
