Chairman's Desk ...It gives me immense pride and joy to address all of you that our society is crossing its 11th year as a Co-Operative institution with financial stability, progress and well-being. Keeping True to our vision “to be the first choice Credit Co-Operative Society in financial services and to enhance members standard of living”, we can with utmost confidence declare that we have spread compassion, generosity, equality and true Co-Operative principals to our fellow members and will continue to deliver in the years to come. Financial Year 2023-2024 is exceptional and jubilant in the journey of our society as we have delivered the promise of self sustainability with profitability with dividend distribution to our members from the profit we have made last financial year. I am proud to announce to all of you that we are profitable for the last consecutive three years in a row which is a rare feat in Co-Operative segment. With commendable foresight and quickness, our society navigated through testing times yet triumphantly emerged and I am proud to share with you our dreams and objectives to the future.
There is still a lot to be done and many miles to go to meet the promised expectations of members as our society is planning a business turnover target of 3000 Crores and a Society with 4 lacs Members by the end of March 2027. We are well aware of how technology is a key parameter and at the same time complying with regulatory guidelines but also providing enhanced member experience and market leadership with cutting edge competitive products.
I believe all of you are well aware of the prudential norms which have been circulated by the Central Registrar to ensure that Co-Operative Credit Societies work as per the mandate given by the Govt of India, through Ministry of Co-Operation with our regulator - Central Registrar of Co-Operative Societies. We being a responsible Co-Operative institution want to be 100 % compliant to the norms set forward by the regulatory authority.
We will have this journey together, while seeking your active support and encouragement, as our society continues to put in its best to achieve excellence. We have formulated a road map to increase the volume of business in the coming years, through multiple channels. For this, we need the support of our business affiliates and our members to channel the leads and thereby create our presence in the 16 states where we have operational license- Kerala, Andhra Pradesh, Assam, Bihar, Chhattisgarh, Delhi, Gujarat, Jharkhand, Maharashtra, Meghalaya, Odisha, Rajasthan, Sikkim, Tripura, Uttar Pradesh and West Bengal. We are also in the process of acquiring operating licenses in additional states to enhance our business operations. We shall also seek the approval of the Central Registrar in opening more branches of our society. In the last FY with the support and association and confidence shown by our bellowed members which have helped the society in achieving a business turnover of more than 300 Crores.
As a final note, let me take this opportunity to thank all our esteemed members, business associates, staff & well-wishers of the society for their patronage and support rendered. I would like to thank my fellow Board members who have stood together and have helped the society pass through the challenges faced during the testing times. Our sincere gratitude to the Office of Central Registrar for their guidance and finally as per the vision of the Ministry of Cooperation “Sahakar Se Samriddhi - Prosperity through Cooperation” - Our Society shall strive for the empowerment of people from the grass root level across the states where we have operational license.
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