Maharashtra’s Tuljabhavani Urban Multi State Credit Cooperative Society has performed well on almost all the financial parameters in the fiscal year 2023-24 and is now preparing to convert into a cooperative bank.
The society reported a notable profit of Rs 18.52 crore for the year, alongside growth in both its deposits and loan portfolios. However, it struggled with managing its Non-Performing Assets (NPA), with Gross NPA at 7.32% and Net NPA at 3.89%.
Talking to the Indian Cooperative correspondent on the phone, the society CEO Sahaji Shejul stated, “We are on a growth path, striving to meet the financial needs of local communities while aiming to take the society to greater heights.”he noted.
He acknowledged the challenges posed by NBFCs operating in the area but expressed confidence in overcoming them. Shejul also highlighted efforts to reduce NPAs, adding, “We are expecting better results by the end of this financial year.”
Shejul further outlined the society’s ambitious 10-year plan, which includes a business mix target of Rs 10,000 crore, the opening of over 100 branches, and achieving cooperative bank status. The society has already received communication from the Central Registrar of Cooperative Societies in regard to converting into the bank, he remarked.
Currently, the society has a business mix of over Rs 974 crore, comprising Rs 591 crore in deposits and Rs 383 crore in loans, with a network of 21 branches spread across Maharashtra and Karnataka.
At its recent Annual General Meeting (AGM), the society declared a 10% dividend for its shareholders.
It’s noteworthy that only a few multi-state credit cooperative societies in India consistently update their official websites and publish annual reports. Tuljabhavani Urban Multi State Credit Cooperative Society is among these proactive institutions.