Karnataka-based Tumkur Merchants Credit Cooperative Society (TMCC) recently held its 19th Annual General Body Meeting. Karnataka Cooperative Minister K.N. Rajanna graced the occasion.
For the 2023-24 financial year, the society reported deposits and advances of Rs 1,378 crore and Rs 1,208 crore, respectively, surpassing a business mix of Rs 2,500 crore as of March 31, 2024.
The society also achieved a ‘Zero’ net NPA and earned a net profit of Rs 48.05 crore. The society announced a 18 percent dividend for its shareholders.
Addressing the meeting, Society President N.S. Jayakumar expressed his gratitude to the members for their continued trust and support. He stated, “Our society has maintained growth and retained the confidence of our shareholders by adding value and offering support. We look forward to your continued trust to achieve even greater progress on all fronts,” he remarked.
Looking ahead, Jayakumar highlighted the society’s goals for the coming year, including efforts to reach Rs 1,500 crore in deposits and Rs 1,300 crore in advances. “We are committed to implementing advanced technology services such as Doorstep Services and UPI payments to enhance our business transactions,” he added.
The society also has ambitious expansion plans, with efforts underway to extend operations into Andhra Pradesh, Telangana, and Tamil Nadu.
Jayakumar revealed that new branches and customer service centers are planned for Tiptur, Davanagere, Madhugiri, Koratagere, Gouribidanur, Belgaum, Hubli, and several locations in Bangalore. Additionally, two to three branches are expected to open in Maharashtra.
Jayakumar, who also serves on the board of NAFCUB, expressed his gratitude to all those who contributed to the society’s success.
He extended special thanks to shareholders, the Board of Directors, legal advisors, valuators, insurance companies, chartered accountants, media personnel, bankers, building owners, the society employees, and department officers.
The society currently employs 107 staff members across various cadres, in addition to two Pigmy agents. The Administrative Office, 12 branches, and four customer service centers are located in Tumkur, Bangalore, Gubbi, and Mysore.