More powers to cooperative credit societies: Dhavlikar


Co-operation Minister, Deepak Dhavlkar on Friday said the government is committed to give more freedom and powers to the cooperative credit societies.
Speaking at the 33rd anniversary function of Margao School Complex Co-operative Soceity at the Ravindra bhavan here on Friday, the Minister announced that the cooperative societies should enhance the loan amount to Rs 25 lakhs.
“Our government is committed to give more powers and freedom to the cooperative societies. You can appoint your own auditors to audit the accounts. The government will not interfere or exercise controls over the societies”, he said.
Presenting the society’s report, Secretary Sanjay P Sawant Dessai said the share capital of the society has jumped by Rs 15 lakh during the financial year, with the share capital touching Rs 78 lakh.
He said the profit is expected to touch Rs 10 lakh as against Rs four lakh during the corresponding period last year. “We could achieve the 100 per cent profit growth because of higher turn over inspite of lowest net interest margin. We provide maxim loan of Rs 10 lakh to our members at 11 per cent interest rate, the lowest in the market for personal loans”, he added. [H]