Shree Saibaba Citizens Cooperative Credit Union, Khaparkheda
Savings and investments are essential for everyone's financial stability. Many people understand its importance, but saving becomes difficult, financial planning falters, and this leads to various financial problems. With deep consideration of this, and with the noble aim of ensuring financial stability for everyone and securing their future, Shri Saibaba Nagari Sahakari Patsanstha was established in 2014.
Under the guidance of the institution's founder and chairman, all employees are actively engaged in providing customer-centric services to all members. The institution operates in a regulated manner to ensure that everyone’s hard-earned money remains safe. Without luring members with unrealistic returns on investments, the institution offers safe and appropriate investment options. Nagpur City Multistate is especially noteworthy for this.
Additionally, the institution leads in providing prompt loans and all modern services and facilities.Today, the institution has several branches and continuously serves millions of customers. The progress of the institution so far is a testament to the trust and bond shared by all the members and customers.
In the future, all the office bearers and employees of the institution are striving to expand the institution's work and ensure financial stability for everyone, and there is no doubt that we will have your support in this endeavor.
Financial status and progress of the organization
| Year 2021-22 | Year 2022-23 | Year 2023-24 | |
|---|---|---|---|
| Number of members | 8185 | 8888 | 9425 |
| Recovered share capital | 2,25,53,800,00 | 2,31,81,600.00 | 2,65,18,300.00 |
| Reserve and other funds | 4,78,26,937.00 | 5,78,14,887.00 | 6,12,83,749.13 |
| Member Deposits | 73,91,68,119.85 | 78,49,22,399.32 | 86,49,66,796.77 |
| Member Loans | 45,11,30,236.00 | 47,62,70,806.00 | 50,72,13,917.00 |
| Investment | 14,63,53,080.74 | 15,42,51,301.40 | 18,89,17,741.47 |
| Net Profit | 35,09,221.13 | 38,60,143.82 | 44,86,045.08 |
| Dividends | 5 % | 6 % | 7 % |
| CD ratio scale | 71.07 % | 72.03 % | 70.85 % |
| Audit class | A | A | A |
Heartfelt Thoughts
Chairman: Mr. Moreeshwar Gajananrao Mangulkar
Even zero has its value. “But for that, someone has to muster the courage to stand before zero.”
Thus, with such courage, the Shree Saibaba Nagarik Pat Sanstha in Khaparkheda, which was in a state of zero, is being revived.This sapling in the form of Shree Saibaba is slowly regaining the trust of the general public. This small Shree Saibaba Pat Sanstha is spreading its network throughout Nagpur district. It has nurtured over 71 families and secured deposits of more than 91 crores. However, this is all known to the fully trained staff and reliable daily representatives. Due to the systematic efforts of the board of directors, this sapling has now transformed into a tree.
While keeping the accounts of the institution, I feel immense joy that the institution has successfully completed 30 years. In these three decades, we have received your continuous support to enhance the financial condition of the institution. The operations of the institution are aimed at cooperative principles, social commitment, and resolving the issues of the needy. With the cooperation of our customers and members, we are helping those in need across all levels of society to become financially strong. We are on a journey, nurturing a great expectation of transformation in the cooperative sector. The institution is promptly providing financial assistance to borrowers, who are the backbone of the organization, to meet their essential needs. The borrowers must utilize the loans judiciously and improve their financial conditions. If the borrowers properly plan the loans they have taken and diligently fulfill their repayment duties, it will be possible to provide adequate returns to the shareholders, depositors, and staff.
In times of rising inflation, unprecedented monetary policy is being implemented globally, making the next operational period challenging. While there is intense competition for deposit sourcing, a deposit war has begun within the institution. Despite this, the institution has successfully maintained interest rates on deposits as per the regulatory board's directives, gaining the trust of depositors, which is reflected in the annual growth of the institution's deposits.
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