The nomination facility with a provision of printing the name of the nominee was offered by our society well before the concept emerged in banking sector.
Members are requested to register with the society the name of the nominee, mobile number, address and any change there in. It may be noted that the society accepts only one nominee.
As on 31st March 2020 the total deposits with Society were Rs.137.41 crore.
Emphasis is laid on the optimum utilization of the funds of the Society. Our investment as on 31st March 2020 with Mumbai DCCB and Scheduled Urban Co-operative Banks were to the tune of Rs.63.16 crore.
The outstanding Loans and Advances stood at Rs.108.73 crore as on 31st March 2020 as against Rs. 104.67 crore last year registering an increase of Rs. 4.06 crore or 3.88%.
Benevolent Deposit Scheme
Subscription to the Members' Benevolent Deposit Scheme at Rs. 350/- p.m is compulsory for all the members. Accordingly the financial assistance extended to the members stand upto Rs. 5,00,000/-.
During the year, 8 claims received for assistance were settled for a total sum of Rs. 30,64,000/- upto 31 March 2020 and a cumulative assistance of Rs.4,37,04,000/- has
been paid to the families of 259 deceased members so far.
EDUCATIONAL PRIZES SCHEME
The Society acknowledges the excellence in the educational field of its members & their family members by giving them prizes.
RETURNS ON MEMBERS' INVESTMENT
Dividend of 25% on shares, 15.5% interest on capital deposit, a rebate of 9% on the interest paid by members on Regular Loan, Article loan, Special Long Term Loan & Education Loan. Addition to cash bonus of ₹1,100/- & Special Memento of ₹600/- to each Regular member.
The members of the Society who have put in at least five years' continuous membership and retired from the services of NABARD are presented with mementoes.