Kundapur: Rosary Credit Co-operative Society celebrates silver jubilee

Pics: Silvester D’ Souza

Daijiworld Media Network - Kundapur (MS)

Kundapur, Nov 21: "A revolution has taken place in the cooperation system under the principle of 'Organization, co-existence and self-reliance'. Financial contribution of co-operative societies to villages is immense. As this is people's organization, one part of the profits of the organization should be reserved for the welfare of the poor. Let Rosary Credit Co-operative Society continue the noble cause of working for the development of poorer section of the society," said Fr Dr Gerald Isaac Lobo, bishop of Udupi diocese.

He was presiding over the closing ceremony function of the silver jubilee celebration of Rosary Credit Co-operative Society, held at R N Shetty auditorium, Kundapur on the evening of November 19.

Model for state

M N Rajendra Kumar, president, Karnataka State Apex Cooperative Bank Ltd, who was the chief guest of the ceremony said, "Consumers like co-operative organizations as they provide loan to them in time. Consumers are the assets of these kinds of co-operative organizations. Development is easier when there is specific aim and commitment to achieve the same. Let this organization, which is celebrating the silver jubilee, become a role model to the whole state of Karnataka.

"Christian society is a very peaceful society. This society, which has given several contributions in the education and health sector, is giving good service in the co-operative sector too. Rosary Credit Co-operative Society is the perfect example for the same. Hope of this organization, which was founded 25 years ago, to provide financial strength to the society is very important. This society has come to this phase due to the transparent service of good administration committee and honest staff. We are seeing competition in all the sectors. Let the society use new and latest technologies and progress further."

Let silver jubilee turn into golden jubilee

In his inaugural address, Fr Anil D'Souza, Kundapur Deanery, said, "Since 25 years, Rosary credit co-operative society has shown the way to the society. This organization, which was founded by late Alphonse Lobo, is very popular and at its peak. It has grown immensely due to the faith shown by its customers and the transparent service provided by the administrative committee and staff. Let this society, which is giving special contribution to Kundapur zone celebrate Golden jubilee."

Let this society become urban bank

"In the co-operative sector, where there is good administrative committee, staff and transparent business, people keep faith. Rosary credit co-operative society has completed 25 glorious years. Let it give birth to a society-centered organization and grow into urban bank," said Praveen B Nayak, deputy registrar of cooperative societies, Udupi district.

Chandrapratima M J, assistant registrar of cooperative societies and Jacob D'Souza, president, Catholic Sabha, Kundapur zone, were present on the occasion.

'Sahakari Senani' title

During the occasion, Dr M N Rajendra Kumar, who has been elected as president of Karnataka State Apex Cooperative Bank Ltd, was felicitated by conferring the title 'Sahakari Senani'. Memorial souvenir, commemorating the silver jubilee was also unveiled.

Former presidents of the society, Martis Dias Byndoor, Philip D'Costa Kone, and A J Buthello were felicitated on the occasion. Valerian Menezes, Kiran Melwin Lobo, son of founder Alphonse Lobo, Praveen B Nayak, deputy registrar of cooperative societies, Udupi district, Smt Chandrapratima M J, assistant registrar of cooperative societies and Fr Antony Lobo were honored.

Leena D'Souza, first member of the society, Manjunatha Poojary, Chandrakantha Shenoy, Ananda Rao, Ravindra Sheregar, Aravind Padukone, Raghvir Nagarkar, Ramalakshmana Byndoor were honoured.

John Menezes, vice-president of the society, Pascal D'Souza, chief executive officer of the society, Philip D'Costa, Martin E Dias, Kiran Melwin Lobo, Vinod Crasto, Gerald Crasta, Jacob D'Souza, Smt Diana D'Almeida and Smt Shanti R Carvalho, directors of the society were present on the occasion.

Johnson D'Almeida, president of the society did the introduction and welcomed the gathering. Rajesh K C, journalist read the 'Sanmana Patra' of Dr M N Rajendra Kumar. The programme was compered by Steven Lewis. Kiran Melwin Lobo, director of the society, rendered vote of thanks.

The programme was followed by cultural programme and dinner.

History of the organization

Rosary Credit Co-operative Society was registered on December 11, 1992 under the joint participation of members of Kundapur Taluk and Catholic Sabha, Kundapur. First general body meeting was held on December 13, 1992. The society started with just Rs 1,22,700 in deposit, 1,001 members and a capital investment of Rs 4,44,895.

Alphonse Lobo Nada Padukone was elected as the first president. The head office of the society was started in a rented building of St Mary's school, Kundapur. The members were given 18% dividend in the first year. First branch of the society was opened on January 1, 1996 at Byndoor. Head office was shifted to a spacious rented facility near Mastikatte, Kundapur, on November 18, 2000.

With the intention of having an own building, a two-storey building was built on Kundeshwar road in the land that was bought by the society. Fully computerised and air-conditioned head office was inaugurated on July 27, 2008 in the heart of Kundapur town. Nada, Padukone branch was opened on January 15, 2012, which was later shifted to own building of the society on December 18, 2016.

Third branch of the society was opened at Basrur on September 14, 2014. The fourth branch was opened at Pius Nagar, Koteshwar, near Hangaluru church on April 2, 2017.

At present the total deposits of the society stand at a staggering Rs 44 crore. The society has provided a loan of Rs 41 crore. Profit for the year 2016-17 was Rs 41 lac. The target for business for next year is 250 crore, while deposits are expected to touch Rs 50 crore and net profit is expected to reach Rs 50 lac.

Facilities and system

All the branches and head office of the organization are highly secured with CCTV, Siren and safe lockers. Suitable insurance is made for all the gold ornaments in deposit and also the building and equipments. All the branches are fully computerised. Very soon Western Union Money Transfer and Yashashwini insurance scheme will be introduced. Death fund for members of 'A' category is being given.

Expansion plans

The business area which was restricted to Kundapur, is being expanded to whole of Udupi district. This includes Udupi zone, Kallianpur zone, Karkal zone and Shirva zone. There is a plan to open a new branch at Kallianpur in the year 2017-2018. All the activities of the society are being undertaken as per the periodical amendments to Karnataka co-operative society's Act.


Rosary Credit Co-operative Society, Kundapur, has carved a niche for itself, in the co-operative sector of Kundapur, in the last 25 years due to the commitment of the members, right suggestions of the directors and co-operative leaders. 25 years in business means a organisation is matured. However, the society is capable of making more progress and is eager too. We are progressing step by step on the foundation that was laid by our great co-operative founders and leaders. Our slogan is 'All round development through cooperation'. Long live co-operation.



Title : Kundapur: Rosary Credit Co-operative Society celebrates silver jubilee


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