Credit Cooperative Society- Kamal Nagari Sahakari Patsanstha in Alibaug, Raigad district of Maharashtra has performed well in all fields and has crossed a business mix of Rs 338 crore in 2019-20 FY. The society is close to achieving a business mix of Rs 500 crore till 2022.
In the current FY, the Society has succeeded in increasing deposits, loans and advances, own fund but the society’s net profit has declined in the 2019-2020 FY.
Talking to Indian Cooperative Society founder Chairman Girish Tulpule said, ” There is no adverse impact of Covid-19 on the business of our society. Even customers have deposited over Rs 4 crore between 1st April 2020 to 30th June 2020 in our society. In order to woo the customers we have reduced the interest rate on loans”, he added.
The society deposits rose from Rs 180 crore to Rs 196 crore and loans and advances increased from Rs 125 crore to Rs 141 crore. Presently, the bank is having a business mix of about Rs 338 crore.
Besides, the society earned a net profit of Rs 2.19 crore. Earlier it was 3.05 crore. “Due to the decreasing rate of interest on investment the society has failed to earn more profits but we hope that this will cover up till the completion of this financial year”, he added.
It’s net NPA fell from 1.1% to 0% in the FY 2019-20.
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 because profit making is not our objective but to render good services to the beneficiaries”, Tulpule underlined.
Presently, the society has 13 branches across Raigad district.
In order to help the government, Maharashtra based Kamal Nagari Sahakari Patsanstha, Alibag contributed Rs 2.19 lakh towards the Chief Minister Relief fund last week.
Kamal Nagri Sahakari Patsanstha was established on 4th April, 1992 with about 300 members and with a deposit of Rs 30,000. The Credit Society was inaugurated by N.S. Pharande then speaker of the Maharashtra Assembly.
Over 8500 members are associated with the society.