Pune (Maharashtra) based Mahesh Nagari Multi-State Cooperative Credit Society performed well in the 2023-24 financial year, recording a profit of Rs 1.56 crore.
The society achieved a business mix exceeding Rs 270 crore, with deposits totaling Rs 173 crore and loans amounting to Rs 99 crore as of March 31, 2024.
In an interview with the Indian Cooperative on the phone, the society’s Managing Director & CEO Magaraj Rathi said, “We have been on a growth trajectory since inception, strictly adhering to rules and regulations. We believe in steady, consistent growth rather than taking sudden leaps. We continuously work to strengthen our internal systems,”he remarked.
“Our society is perhaps one of the few credit co-ops that exclusively provides secured advances. We do not finance real estate or large corporations, and we do not extend loans exceeding Rs 1 crore to any client. Our focus is on meeting the financial needs of the local community and the downtrodden people”, said Rathi, who is having 26 years of experience in the cooperative sector.
He further mentioned, “We have received permission from the Central Registrar of Cooperative Societies to open two more branches. Currently, we have a network of six branches, and we will be opening one branch in Surat, Gujarat, and another in Pune”, he informed.
“We conduct our business with strict discipline, and no complaints regarding any misconduct have been received. We will continue to work in the best interest of our depositors,” Rathi emphasized.
As of March 31, 2024, the society’s reserve fund stood at Rs 22.24 crore, with paid-up share capital at Rs 3.13 crore.
Meanwhile, the society is finalizing preparations for its 26th Annual General Meeting, scheduled for September 20, 2024, in Katraj, Pune. During the meeting, the society will announce a 9 percent dividend for its shareholders for the 2023-24 financial year.
Mahesh Nagari Society was registered on September 7, 1998, and commenced operations on the auspicious day of Vijaya Dashmi, October 1, 1998.