One of Karnataka’s leading multi-state credit cooperatives- Shri Arihant Cooperative Credit Society performed well in 2023-24 fiscal year, as of 31st March 2024, it surpassed a business mix of Rs 2100 crore and recorded a profit of Rs 11 crore.
The society aims to achieve a business mix of Rs 5,000 crore within the next two years.
Talking to the Indian Cooperative Correspondent, the Society Chairman Abhinandan Patil expressed pride in the society’s ongoing achievements. “We are consistently hitting new milestones each year. Just a year ago, we received our multi-state cooperative society license from the Central Registrar of Cooperative Societies and opened six branches in Maharashtra,” Patil said.
“Looking ahead, the society plans to open four additional branches in Kolhapur and Sangli in the coming months, while also eyeing expansion into Goa and Gujarat, regions with considerable business potential”, he added.
Patil further added, whose late father Raosaheb Patil played a vital role in the society’s foundation, “We operate with full transparency and have had no shareholder complaints, he asserted.
With a network of over 60 branches across Karnataka and Maharashtra, Shri Arihant Cooperative Credit Society had 13,974 members and a share capital of Rs 5.78 crore as of March 2024.
The society also announced a 12% dividend to its shareholders during its annual general meeting. The cooperative has come a long way since its modest beginnings.
When it began operations in 1990, it had just 870 members, with Rs 4.35 lakh in share capital, Rs 5.45 lakh in deposits, and Rs 8.45 lakh in loans. Its initial profit was a mere Rs 27,216.
