One of Maharashtra’s prominent women-led credit cooperatives, Dharampeth Mahila Multi-State Cooperative Society, has advocated for the inclusion of credit cooperatives in the Government of India’s subsidy schemes.
Led by Nilima Bawane, Vice-Chairperson of Sahakar Bharati’s Maharashtra Chapter, the society has called for equal opportunities for credit cooperatives, akin to those available to other financial institutions.
Bawane emphasized, “We should be allowed to extend the benefits of various government subsidy schemes to our customers. For instance, being included as a member lending institution under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) would enable us to provide loans to MSMEs more effectively”, she said.
Speaking on the society’s ambitious plans, Bawane revealed their aim to transition into a cooperative bank. “We are looking forward to converting our society into a cooperative bank so that we can serve more customers”, she shared.
Based in Nagpur, the society has a strong presence in Pune and other districts of Maharashtra. Bawane explained their mission, saying, “We are committed to uplifting downtrodden communities by providing loans to street vendors and small businesses. Our focus is on creating opportunities for those at the grassroots level”, she noted.
With a business turnover exceeding Rs 2,200 crore, the society is recognized as Nagpur’s largest credit cooperative. Operating a network of 30 branches, Bawane emphasized a shift in strategy: “We are not aiming to open more branches but are instead focusing on strengthening our internal systems and empowering existing branches”, she emphasized.
Reflecting on the society’s journey since its establishment in 1994, Bawane shared, “I have been associated with this society from the beginning, which started as a small initiative among friends. Despite numerous challenges, we have never strayed from our goal of serving society’s financial needs. Though we are a credit cooperative, we are professionally managed, with staff receiving salaries comparable to those in large corporations”, she informed.
With a remarkable growth trajectory, the society’s total business stood at Rs 1,833 crore as of 31st March 2020, earning a profit of Rs 5.30 crore. By 31st March 2024, the figures had surged to Rs 2,220 crore, with a net profit of Rs 7.97 crore.
Dharampeth Mahila Multi-State Cooperative Society continues to set an example for women-led cooperatives, showcasing a professional approach and a dedication to societal development.
