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State faces abundance of cooperative societies: Sawal

NT NETWORK

Panaji

With the state having too many co-operative credit societies it is the survival of the fittest for   cooperatives in the banking sector, said Naresh Sawal, founder chairman, Pirna Urban Cooperative
Credit Society.

Speaking on the sidelines of inauguration of the Panaji branch, Sawal said that, the state faces an abundance of credit societies in the city as well in rural areas.  “Sometimes in one building there are three-four credit societies. With too many players the future is going to be survival of the fittest,” he said.

Sawal added that, for survival the management, viz the board members need to take care of the funds and members must repay loans on time.  “The government must help in expediting arbitration cases so that defaulting loan accounts can be settled speedily,” remarked
the chairman.

The Pirna Credit Cooperative Society on Wednesday opened a new branch at Gera Imperium Grand, Patto Plaza. The society shifted one of its branches in the capital city to the new premise.

The new branch is strategically located for garnering business, said Sawal.

He said that, the society has come a long way since it was established in 1995. The society is awarded with ‘A’ audit classification for the financial year 2018-19 and is one of the better performing cooperatives of the state, he said. 

“All our 11 branches are profitable and we want to set an example to other credit societies,” said Sawal.  Pirna Urban is completing 25 years in 2020. The society presently has 25,000 shareholders, share capital of Rs 4.05 crore,  deposits of Rs 75 crore  and investments of
Rs 15 crore.

The net profit for the financial year 2018-19 stands at Rs 50.85 lakh. “The society provides the gamut of services to its members such as group insurance, NEFT/ RTGS, SMS facility, NACH facility, collection of electric bills, etc.,”
said Sawal. He added that, depositors have kept faith with the society despite the recent shakeup in the
cooperative sector.

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