One of the leading credit cooperative societies from Telangana, which is headquartered in Hyderabad – Citizen Cooperative Society is eying to achieve a business mix of more than Rs 5000 crore till 2026. The Credit Co-op has already achieved a mark of Rs 4000 crore and is now aiming to touch the figure of Rs 5000 crores.
“We are aiming to cross the figure of Rs 5000 crore till September 2026. We are hopeful that it will be easily achievable”, said CEO, K. Venkata Subbaiah while talking to the Indian Cooperative correspondent at its headquarters in Hyderabad, Telangana.
In his interaction with this correspondent, Subbaiah, who was accompanied by the Society CGM Venkata Chaudhary, shared many things about the society, highlighting not only the positive aspects but also the Central Government’s apathy regarding multi-state credit cooperative societies.
“Over many years, the Central Registrar of Cooperative Societies has not been giving permission for opening new branches. We have applied numerous times, but to no avail. Without expansion, we cannot extend our footprint or cater to the financial needs of underserved communities”, said Subbaiah with a tinge of sadness.
He further added, “Everyone is talking about the adoption of the latest technology in the activities of cooperative societies, but no focus is being given to the credit co-ops, as they are barred from providing digital banking services to their customers. We are not allowed to issue cheques, open ATMs, or offer Internet banking, NEFT/RTGS facilities, and other services”, he groused.
Subbaiah stated that there are no NPA norms for multi-state credit cooperative societies because the SARFAESI Act is not applicable to them. “At present, it’s very difficult for us to do the recovery as the existing process is very long. The SARFAESI Act should also be applicable to credit cooperatives, he demanded.
Established in 1997, the society is continuously on the growth path and has a net worth of Rs 367 crore. The CRAR of the society is 19 percent and earned a profit to the tune of Rs 78 crore.
The society has so far opened 42 branches spread over five states and one Union Territory i.e. three branches at Karnataka state, one branch at Chandrapur (Maharashtra state), one branch at Rayagada (Odisha state) and one branch at Yanam (Puducherry UT).
The member base of the Society has about 96,000. Meanwhile, the society has purchased a new office near the existing head office and is planning to shift in a couple of months. “Our new office is equipped with all facilities and the total area is more than 1000 sq ft. The finishing work is going on. All our departments will come under one roof”, he added.
The Chairman emeritus of society is M.S.R.V. PRASAD, who is the chairman of Hyderabad headquartered Prasaditya Group, is a pioneer in India-Africa trade.