The VPK Urban Multipurpose Cooperative Society, Goa-widely known as VPK-has emerged as a remarkable success story in the state’s cooperative sector.
Established on 30 June 1993 with just 304 promoter members and a modest share capital of Rs 1.10 lakh, the society has today grown into a strong, technology-driven multipurpose cooperative with more than 1.26 lakh members.
VPK’s journey has not been without challenges. The society suffered losses amounting to Rs 38.01 crore during demonetization and the COVID-19 pandemic-an unprecedented setback for any cooperative.
However, demonstrating resilience and disciplined financial management, VPK bounced back impressively, reporting profits of Rs 5.12 crore, Rs 20.40 crore and Rs 31.62 crore in the following years-one of the most notable turnarounds in Goa’s cooperative history.
In the last two financial years, VPK has maintained its upward trajectory. In FY 2023–24, the society recorded a net profit of Rs 31.62 crore, share capital of Rs 38.14 crore, and loan disbursements of Rs 533 crore, serving 1,18,882 members.
The society’s Chairman, Durgadas Gaude, a mechanical engineer by profession, has proved to be a transformative leader. Under his tenure, the society registered a strong turnaround and was even featured by NABARD in its publication Sahakar Se Samriddhi – Inspiring Tales of Goa’s Cooperatives. He is optimistic about taking VPK to newer heights in the coming years.
VPK’s governance, innovation and transparency have earned it widespread recognition. The society received the Best Annual Report Award (2023–24) at the Banking Frontiers Summit in Lucknow. It also won the Goa State Consolation Award for its contribution to the cooperative sector and secured the Special Assistance Award at the BANCO–Galaxy Immam Cooperative Banking Conference.
A blend of tradition and technology shapes VPK’s modern identity. The society offers centralized core banking, a feature-rich mobile app supporting NEFT, RTGS and installment transfers, and is set to introduce ENACH services to streamline ECS and loan repayment. Alongside financial services, it promotes financial literacy, celebrates cooperative week, and provides training and internships for students.
Looking ahead, VPK plans to expand its branch network to 50 and diversify into new areas such as eco-tourism, insurance and gas distribution. To achieve these goals, the society has sought support for infrastructure development, capacity building and technology upgrades.
Beyond finance, VPK continues to make meaningful community contributions-organizing farmers’ outreach programs, cultural events, student merit felicitation and relief efforts during natural calamities. From once battling losses to now sustaining consistent profits, VPK stands as a symbol of cooperative strength, resilience and progressive vision in Goa.
It bears recalling that during the All India Cooperative Week celebrations, the society received the award for the Best Society for 2024–25, which was presented by Goa’s Cooperation Minister, Subhash Shirodkar.