Media release
Mangaluru, Feb 24: Johnson D’Almedia was reelected as the president of Rosary Credit Co-operative Society for the year 2020 – 25.
Kiran Melwyn Lobo, Padukone was elected as the vice president. The election was held recently.
Philip D’costa, director, Rosary Credit Co-operative Society, Jacob D'Souza, Kundapur, Vinod Crasto, Kundapura, Baptist Dias, Santhekatte, Daina D’Almedia, Kundapur, Shanthi R Carvelho, Kundapura, Shanthi Dias, Byndoor, Prakash Lobo, Gangolli, Wilson D'Souza, Shirva, Santhosh Oswald D’ Silva, Karkala, Oslin Rebello, Tallur, Wilfred Menezes, Hangalur, Theodhar Olivera, Kota, Terence Suvares, Udupi, and Derick D’Souza, Sastan were present on the occasion.
Rosary credit co-operative society has its head office in Kundapur.
History of the organisation
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 Dec 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 17.5% dividend in the last 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. The Fifth and Sixth Branch were opened in Gangolli and Santhekatte respectively in the year 2018. Very soon the next branch will be opened in Shirva in 2020.
At present the total deposits of the society stand at a staggering Rs 86 crore. The society has provided a loan of Rs 74 crore. Profit for the year 2018-19 was Rs 1.15 Crore The target for business for next year is Rs 350 crore, while deposits are expected to touch Rs 100 crore and net profit is expected to reach Rs 1.25 crore
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 also being given.