The Goa State Cooperative Bank’s employees cooperative credit society organized its 52nd Annual General Meeting recently at the meeting hall, Sahakar Sankul, Panaji, Goa. It announced plans to give a 15 percent dividend to its members during the AGM.
With no effect of corona, the society deposit increased from Rs 8.08 crore to Rs 8.85 crore in 2019-20 FY whereas advances rose from Rs 10.61 crore to Rs 10.81 crore as on 31st March 2020. Besides, the Society earned a net profit of Rs 29 lakh in the 2019-20 financial year. Earlier it was Rs 28 lakh.
The Share capital of the society spiked from Rs 1.49 crore to Rs 1.54 crore and reserve and other funds increased from Rs 59 lakh to Rs 66 lakh. Though the society is small it has ambitious plans for the future. The society has been on a growth path for the last several years.
Talking to Indian Cooperative Sudesh K Nagvenkar, Chairman of the society said, ” The AGM was held with good discussions as per the Agenda and thereafter the 52nd Annual Report of the Society, Audit Report for the year 2019-2020, compliance of the said report, Audited statement of Accounts for the year 2019-2020, Appointment of Auditors, Appropriation of profit for 2019-2020, etc. were approved.
“The Society will release the retirement benefit of Rs 5,001 to seven members who retired on attaining superannuation. Besides, the society also releases Rs 5,001 to the family members of the deceased members of the Society on receipt of the claim / death certificate”, he informed on the phone.
The Society releases the Educational Scholarship Scheme for academic year 2019-2020 to the children of the members who secure 75% and above marks in 10th std., 12th Science, 12th Commerce, 12th Arts & 12th Vocational Stream. Maximum Loan of Rs. 15.00 lakhs @ 9.00% to the members, he underlined.
“Our Society has been classified under the category “A” for the 7th consequent year after taking charge of the Society in 2014″, he claimed.
Earlier, the society had been awarded Certificate of Appreciation in the State of Goa during 2020 awarded by the Goa State Co-operative Union Ltd., Goa.