The Sattari Urban Co-operative Credit Society Ltd which started with area of operation in Sattari taluka in the year 1996 with around 1000 shareholders has now reached to 26000 shareholders from all over Goa, reports Abdulla Khan
The Sattari Urban Co-operative Credit Society Ltd (SUCCSL), Valpoi is catering to the locals from rural and semi-urban areas and is now opening its 14th branch in Fatorda in Salcete taluka.
Started with an area of operation in Sattari taluka in the year 1996 with around 1000 shareholders has now reached to 26000 shareholders from all over Goa. No doubt principled role of Board of Directors (BoD), humble approach of the staff towards its customers and tireless collection of deposit by the team of pigmy agents are the open secret of the success of the SUCCSL. The society was fully computerized in the year 2011, but there was transparency in manual record and people trust accounts maintained by the staff and always consider this society as ‘Amchi Bank’ in Sattari taluka and has bagged Best Cooperative Society award in the year 2015. SUCCSL is very slowly gaining trust all over Goa and opened its 13 branches till now.
In the beginning society has been formed to mobilize resources from the public to cater to the credit needs of rural population and small entrepreneurs but over the last 24 years the society has managed to gain the confidence of the people and has made best use of the money deposited by them says chairman of Sattari Urban Co-operative Credit Society Ltd (SUCCSL), Yeshwant Gauns.
The chairman said, “The cooperative sector in Goa operate in different fields like credit business, dairy business, consumer, marketing etc. cooperative sector was primarily focusing on agriculture and fishing but slowly moved to credit, dairy and consumer society. There is good scope for co-operative sector. People need to change the mind-set from service oriented to business oriented. SUCCLS has managed to secure a big title in the ‘Sahakar sector’ in last one decade despite stiff competition from Multi-state Cooperative societies and Multi-state banks. Our Goa is very small as compare to other states and more than 125 cooperative societies are in Goa and with these multi state banks and societies the competition level has gone high and due to our strategies we are sailing comfortably.”
He also went on to say that the SUCCSL made its humble beginning in a small premise in a rented house with just three staff but due to transparency in operation, determination of Board of Directors and dedication of the staff members. The Society has around Rs 170 crore by way of deposits, around Rs 20crore as share capital and the loaned amount is around Rs 140 cores. Along with that SUCCSL has earned profits of around Rs 1.97crore in the last financial year and this year the budgeted profit is of around Rs 2 crore. The staff strength is around 72 people and about 70 pigmy agents. We have core banking system and also provide RTGS and NEFT facilities for money transferring.
“The SUCCSL has built trust among its customers. Due to word of mouth publicity, people are inviting us in their respective areas. People found our approach and attitude positive with quality in service. We targeted small scale business people initially. We have focused on technology up gradation. Trust on customer and our staff with proper vision made us possible in expansion. People have accepted us in our operation areas so we are in Fatorda to provide our quality service to the people over there,” he added.
He also said, “In the beginning only the society followed the policy of giving loaning powers in the hands of the staff and also shoulder responsibility of recover the loan on them. 90% work of evaluating and sanctioning is done by the branch manager. The board members are not getting directly involved in granting loans. Our dedicated staffs are the real assets of the society and they work as if it is their own society. They get on service training of developing soft skills while identifying the applicant and his risk bearing capacity, rate of return and risk bearing ability. SUCCSL depend on focussing low cost margin deposit for recovering loans. We make hassle free loan service and adopt streamline process on recovery of
The chairman said, “Of course training in cooperative and financial management is a must for better prospects of the cooperative sector and the government should take some initiative for imparting it and create some separate training institute for employee and management. Societies are now business organisation and there is need amendment in law for which government should appoint expert committee to study the present scenario of drastic change in economic development. Cooperative sector is providing employment to youth lowering the burden on government, state government should provide financial assistance to employee so that they can retain and sustain and financial assistance to be provided to societies for up gradation as well. This will definitely give the boost cooperative credit societies in the state.”
The society has planned to diversify our business so that income flow from 4 to 5 sources even after there is slow economic growth in the market.