Chitradurga town co-operative society celebrates 110 years in Karnataka

CHITRADURGA: The Chitradurga town Co-operative Society Limited held a celebration on Saturday here on completing 110 years.
It was established in 1912 by Thirumalacharya, a retired teacher. It had 190 members and Rs 4,850 and a mission to benefit the public, business people and the needy.
Nitturu Srinivasa Iyengar, former CM S Nijalingappa and former central minister CK Jaffer Sharif were some of the first members of the society. Chitradurga CMC had provided a site in 1936 for the society to make a building, which was done in 1937. It has 11 board of directors. Rs 1 lakh per day is being collected through pigmy agents.
Twenty years ago, the society suffered heavy losses due to various causes. But 18 years ago, Jayanna took charge as its president and gradually cleared all debts after constructing 16 commercial shops in 2012 as part of the completion of 100 years.
"E- stamping, digitization, lockers and gold loan, housing and vehicle loan services are being provided now," said Nagaraj Bedre, who is a board director. "As of now, we have 2,562 members with a share capital of Rs 38.97 lakh and deposits of over Rs 3.62 crore," Bedre said.
"We have decided to offer a scheme to all shareholders to double their deposit amounts in six years as part of centenary celebration," Bedre said.