Ponnampet Igguttappa Cooperative Society Records Rs 3,767 Lakh Profit

Srimangala, Sept. 6: Ponnampet Igguttappa Kodava Souharda Cooperative Society has 2054 members in the financial year 2025-26, did a turnover of Rs. 126.70 crore in the current year, earned a profit of Rs. 37.67 lakh, and a dividend of 12 percent will be declared in the general meeting for the members and has an audit ‘A’ classification, said Aramanamada Bopaiah, chairman of the board of directors.

Speaking at the board meeting, he said that the work of the association has been carried out with utmost transparency. The cooperative has received deposits of Rs. 33.77 crore in various types of deposits from members and non-members such as fixed deposits, savings deposits, daily deposits. He said that the organization has achieved 30 percent progress compared to the previous year.

Various types of loans such as agricultural development loans, jewelry loans, house construction loans, piggy loans, vehicle loans, agricultural machinery loans, including Rs 31.02 crore have been disbursed to members and non-members. The recovery of loans is 93 percent. He explained that this is due to the rule-based service of the management board, law-abiding and the cooperation of the members.

In the association, Rs. 7.17 crore has been invested in other banks for the purpose of deposit security. Like other commercial banks and the Reserve Bank, SLR. 20 percent of the deposit has been invested in other banks and deposit security has been given, he said. The organization will have its own building on Ponnampet T. R. Road. The members of the organization will be provided with other facilities such as death fund of Rs. 10 thousand and cooperative life fund of Rs. 1 lakh will be given to their nominee after death. In addition, in the interest of the borrowers, if the borrower dies without defaulting on the loan, the loan will be waived from the Borrower Welfare Development Fund subject to the provisions and up to a limit of one lakh. In the current year, Rs. 2.70 lakh has been waived off the loans of seven deceased borrower members. He expressed his happiness that this system, which is not available in any other cooperative organization, has been implemented in our association.

Other service facilities are provided to the members such as locker facility, e-stamping, mobile and TV recharge, railway booking, RTC service facility, there are nine staff in the organization who have rendered service with a service attitude. Six agents are working as daily deposit collectors of the organization.

The organization has a separate branch in Gonikoppa and is operating in a rented building. The Gonikoppa branch has earned a profit of Rs. 10.19 lakh in the current financial year. The Gonikoppa M.A.A. Layout 5.50 cents of land is being purchased for Rs. 50 lakhs and construction is being carried out, the new building will be continued in November. The second branch of our association will be opened next month in a building near Indian Oil Petrol Bunk between T. Shettigeri-Srimangala, and preliminary preparations are underway, he said. The annual general meeting of the association will be held on Ta. 7 at the association hall, he requested all members to attend.

The vice-president of the organization's management board, Chiriyapanda K. Kashiappa, directors Kabbachira M. Chidaba, Kademada G. Bheemayya, Kallichanda G. Kushalappa, Muddiyada P Prakash, Ainanda K. Mandanna, Kallichanda D. Poonachha, Gummattira G Gangamma, Chottekalapanda P Asha, Kodengada S. Suresh, Kukanda N. Kaverappa, Maniyapanda G. Parvathi, and the association's CEO Madrira S. Ganapathy were present.

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