Times of India | 3 months ago | 21-08-2022 | 04:49 am
Margao: Determined to reach out to the last among the needy, and with meager resources at their command, a group of young men led by then MLA Prakash Velip established the Quepem Urban Co-operative Credit Society Ltd at Quepem on August 8, 1992. From a share capital of just Rs 91,300 and 262 shareholders then, the society has now metamorphosed into a multi-branch multi-purpose co-operative society. With its share capital now at a modest Rs 9.9 crore with 262 shareholders, the society prides itself as a major player in the state’s co-operative movement.Velip, the society’s chairman, said that the foundation day celebration will be held on August 21 at Ravindra Bhavan, Margao, where chief minister Pramod Sawant will be the chief guest. Social welfare minister Subhash Phal Dessai, the society’s vice-chairperson, also briefed the media. Significantly, both Velip and Phal Dessai have been at the helm of the society’s administration since its inception, having been elected unanimously as the chairperson and the vice-chairperson for nine consecutive elections.On the society’s growth over the years, Velip said that its progress has been “just phenomenal.” “Commencing operations from a small private office 30 years ago, the society now has 22 branches with advanced banking facilities. Our deposits total Rs 310 crore and we have advanced loans totalling Rs 215 crore. Our investments in other banks stands at Rs 97 crore. In March 2022, our profits stood at Rs 4.16 crore,” Velip said. The society, apart from planning to move into a spacious “Quepem Urban Bhavan” at Quepem soon, intends to open an alcohol de-addiction centre, an old-age home and an orphanage in Quepem for the benefit of the society.
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