India’s largest multi-state credit cooperative- Buldana Urban achieved a business mix of Rs 22,500 crore in the 2023-24 financial year, comprising Rs 13,100 crore in deposits and Rs 9,400 crore in loans.
The society reported a net profit of Rs 51.25 crore and aims to increase its deposits to Rs 14,500 crore by 31 March 2025. The society has 476 branches and 431 warehouses in total.
During the society’s recent annual general meeting, Chairman Radheshyam Chandak announced plans to launch an ‘Agriculture Implements Bank’ for its members. The bank will provide advanced agricultural equipment, such as drone sprayers, at affordable rates to farmer members.
“The Government of India is actively promoting solar energy and encourages initiatives in this field, particularly for electricity generation. In response, the society has decided to develop a solar power plant,” he said.
He further stated, “We have advertised in the districts of Buldana, Akola, Jalna, Chhatrapati Sambhaji Nagar, Beed, Nanded, Latur, and Jalgaon (Kh) to acquire 100 acres of land to establish a 25 Megawatt electricity generation plant,”he noted.
Additionally, the society has launched a ‘Rural Warehouse Scheme’ and now operates 431 warehouses. Of these, 328 are self-owned, and 103 are leased, covering a total area of 4,075,000 square feet with a storage capacity of 9,000,000 tons.
Speaking at the meeting, Managing Director Sukesh Zamwar stated, “In the financial year 2023-24, the society’s deposits increased by Rs 1,171 crore, and the society earned a profit of Rs 51 crore,”he informed.
“From April 2024 to 31 August 2024, deposits grew by Rs 800 crore, bringing the total deposits to Rs 13,100 crore, with Rs 9,400 crore in loans allocated. The society aims to raise deposits to Rs 14,500 crore by 31 March 2025,” Zamwar added.
He also mentioned that the society has entered into an agreement with Hitachi to allow members to withdraw money from any bank. Hitachi has installed ATMs at 21 branches, with plans to add ATMs at approximately 25 rural branches soon.
“For our members, the society has partnered with Hindustan Micro Finance Company Limited. On a trial basis, around Rs 115 crore has been disbursed to self-help groups for small-scale industries through our branches in Maharashtra and Madhya Pradesh,” he emphasized.
Buldana Urban Credit Society was established on 15 August 1986, 38 years ago, with 72 members and a share capital of Rs 12,000. Today, the society operates 476 branches and has 16.28 lakh members across the country