Somwarpet, Sep. 25: The Multipurpose Cooperative Society here has earned a profit of Rs. 40 lakh in the current year, said the association's president N.T. Paramesh.
Presiding over the annual general meeting of the association held at the local Channabasappa auditorium, he said that the association has earned a total net profit of Rs 40,01,532 in the current year and the meeting decided to give 18 percent dividend to the members.
There are a total of 1133 members in the association, and Rs. 83,01,234 has been received as share capital. Rs. 24,34,800 has been collected from 398 members of C category and Rs. 1,51,800 from 696 members whose shares have been suspended. The association needs working capital, and the board has collected more deposits from members and non-members through publicity. Loans worth Rs. 23,34,19,975 have been disbursed to members and traders. A total of 113,21,79,594 transactions have been made, making more profits than the previous year, he said. To provide faster service to the members of the association, computer technology has been installed in the association, and all transactions have been computerized. In the wake of the death of six members registered in the death fund, Rs. 60,000 has been paid to their families. A loan insurance fund has been started to secure OD loans, business loans, joint liability group loans, pigmy deposit-based collateral loans and collateral loans. As per the request of the members, a quick money transfer facility is being provided through the net banking facility, which the members should use.
In order to provide more business to the members in the first year, he appealed to all the members to conduct business within the association itself. The meeting was attended by the association's vice-president B. Shivappa, directors B.P. Shivakumar, H.K. Madappa, B.M. Ram Prasad, M. Srikanth, B.R. Mrutyunjaya, M.C. Raghav, H.S. Venkappa, K.B. Suresh, M.J. Darshan, C.N. Shobhita, S.C. Roopa and chief executive officer M.B. Tara.
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