The leading credit co-operative society of Maharashtra, Buldana Urban Co-op Credit Society performed spectacularly in the 2022-23 FY and crossed the business mix of more than Rs 20,000 crore as on 31st March 2023.
The society’s business mix increased from Rs 18,141 crore (2021-22) to Rs 20,200 crore as on 31st March 2023. The deposits of Buldana Urban rose from Rs 10,069 crore to Rs 11,800 crore whereas advances grew from Rs 8,072 crore to Rs 8,400 crore in the 2022-23 FY.
Buldana Urban earned a profit of Rs 51 crore as on 31st March 2023. It was revealed during the 37th Annual General Meeting of the society held recently.
Addressing the meeting, the society Chairman Radhyeshyam Chandak said, “The organization has prioritized customer service and member interests since its inception. In the last 37 years, the organization started with a share capital of 12 thousand rupees and 72 members, it has taken its shape like a banyan tree today”.
“All the member directors and employees of the institution have the lion’s share in this tremendous success of the institution with 475 branches, 413 godowns, online services, Rs 11800 crore deposits, and Rs 8400 crore loans”, he added.
Chandak further added, “The organization has established a subsidiary company of Buldana Urban, Buldana Urban Farmer Producer Company, and through this company, an agricultural implements bank is being started for the farmer members. Here, all kinds of advanced agricultural tools like drone spraying will be made available on lease to the farmer members for farming at a low cost”.
Besides, In the current year, the organization has purchased 3 cold storages at Dharmabad and 1 cold storage at Bhusawal and has taken 2 cold storages at Akola and Dhule on lease. Very soon the Organization intends to create a chain of 50 cold storage in the state of Maharashtra by signing agreements with various member customers.
“The construction work of the grand Ram Mandir of Shri Rama has started in Ayodhya, which is a holy place of Hinduism. A 100-room devotional Building will soon be built there for the devotees coming from Maharashtra and Madhya Pradesh and the tender process for buying the land is underway. In Ayodhya, the institution’s grand devotee residence building will soon be started for the service of the members”, announced the society Chairman.
In his speech Buldan Urban Chief Managing Director, Sukesh Zamwar added, “The organization has entered into an agreement with Hitachi to withdraw money from any bank account for its members and ATMs of Hitachi have been installed in 21 branches of the organization and we will soon arrange to install such ATMs in around twenty-five rural branches”.
“The organization has reduced the interest rate of gold mortgage loans for farmer members to 10% per annum. Farmers in rural areas are benefiting from this on a large scale. Today the organization has Rs 2654 crore gold mortgage loans have been disbursed”, Zamwar underlined.
He further added, for the members of the organization, the organization has entered into an agreement with Hindusthan MicroFinance Company Limited and on an experimental basis, through the organization’s branches in Maharashtra and Madhya Pradesh, around 93 crore loans have been distributed to self-help groups for small scale industries and last year Rs 98 Crore was set as a loan disbursement target.
The society has started a micro spinning mill at Dongarkhandala through Buldhana Credit Card, a subsidiary company of the organization and the work of textiles has been completed and the project of manufacturing clothes from cotton produced by farmers in rural areas has been implemented here.
There is a pilot project and here now shirts are made from cloth and these ready-made clothes are directly available to customers and members.
The organization has launched Maharashtra’s first RO water ATM at Dongarkhandala. Pure drinking water is provided to the villagers at a nominal rate of 30 paisa per litre.
Similarly, the organization started clean drinking water ATMs in 70 other places, so the health of the citizens of those villages has improved and the diseases caused by water have come under control. Due to this, the citizens of rural areas have become health conscious, Buldana CMD said.
