Shareholder structure is the percentage ownership and the percentage of voting rights held by different Shareholders.
Our Society deposits grown by 18.59% and advances registered a growth of 29.91%. The Society delivered this performance in a year in which there was a noticeable deceleration in credit growth at the industry level. I am happy to report that our Society has achieved targets pertaining to profitability and asset quality that it headset at the beginning of the year. Despite the pressures of heightened competition and tighter monetary environment, our society earned net profit of Rs. 4.35 crore during 2017-18. Through continuous monitoring and concerted efforts at all levels, your Society was able to bring down its Gross and Net NPAs during the year, both in percentage as well as absolute terms as detailed in the Annual Report.Trust of the shareholders and depositors in a society and trust of the society on its borrowers form the bedrock of the banking business. The strength and soundness of a society is the measure of this trust and reflects the ability of a society to absorb and overcome any obstacles. The overall results indicate the underlying strength of your Society's financials.
31 branches of the society are active in Mumbai,Thane, palghar,Raigad,Pune,Satara.There are Three District wise divisional offices to keep the control over these 31Branches.All Branch are computerized, well furnished and Having Internet & lease line Connectivity. Our employees are Backbone Of the Society providing quick services. Fast changes are being done in the policy of Government as per the global level changes. Co.op. Department is considering to apply the rules to this society as like other Co. pp. banks. And one part thereof the N.P.A. is applied to all Credit societies Our society is also prepared the Balance Sheet and Profit and Loss accounts applying 3 months N.P.A. which will help the society definitely.
The Net profit of the Society Rs. 4,35,13,788.79 for the F.Y 2017-18. The Deposits of the Society for the F.Y2017-18 are Rs. 448,89,37,366.73 & Loan for the F.Y.2017-18 are Rs. 373,01,73,026.85. C.D. Ratio : 72.17%. Higher growth in business by the Society could not be translated into higher profits because of certain bottlenecks. However, the Society has taken several proactive steps to reverse the trend, with the result that profitability is expected to improve during the current financial year. It is very important to maintain the profitability in highly competitive spread and thinned business margin. For other income various avenues were worked out and Society has made tie-up arrangement with light bill collection center expanded the scope of customer service. This business which helps to increase non-interest income. We are expecting very good results in near future.
To enlarge the reach, the Society has opened a branch at Ghodbandar(Thane), Nerul, Kalyan, Medha, Virar, Goregaon & Ghatkopar completed 31 Branches in Maharashtra. The Bank hopes to touch the lives of many more Indians.
Technology for increasing customer care and convenience has always been the focus area of the Society. we are changing in banking application software. we are migration from DOS to Windows operating system. So We Service Level Agreement With Saraswat Infotech For Core Banking Application. Core Banking application software provides Any Branch Banking, SMS Services, Online Consolidation, Online NPA Module, We are also providing Passbook Printing & ATM Facility Security Module, etc. we upgrade our web site for customer more information about society and give to facilitate the employees of our society like E-Mail services which are managed by email server and personalized data storage facility which is managed by file server. We are also managing web server for running our website with our in data center through Domain Name Server (DNS).
As an important player in the global economy, India cannot be completely insulated from the global weaknesses, which pose a challenging environment for the Indian banking industry characterized by more pressures on its Net Interest Margins, Treasury Profits, Third Party Product distribution, and Asset Quality Management. But I am confident that our society will successfully meet these future challenges with its inherent strengths in the form of good capital base and liquidity, a healthy balance sheet, robust risk management capabilities and a team of dedicated & hardworking staff whose skill, attitude and knowledge are playing crucial role to achieve a competitive edge. Our society will pursue opportunities emerging from the turmoil. We constantly review businesses and the environment, preemptively taking steps to ensure a high asset quality. Our society will continue to demonstrate significant growth in deposits, secured lending, and fee-based businesses. There will be a continued focus on disciplined cost management and productivity enhancement, low-cost deposit mobilization, improvement in non-interest income, improved credit selection & effective credit monitoring. Our corporate goal for the F.Y. 2017 – 18 is -"To leverage technology for providing superior customer service and broad-based business expansion with cost consciousness".
Management has set following self-imposed targets for the ensuing financial year.
Business to Cross Rs.1000 Crs.
Restrict Gross NPAs below 0%
Implementation Core Banking Solution (CBS)
These achievements and progress to me is the outcome of unstinting support of members, customers and well wishers and I believe the same will strengthen the pillars of Trust and Confidence.
As a matter of fact, Annual General Meeting is required to be held after Statutory Audit, however on account of delayed appointments of statutory auditors since last year, the Commissioner for Co-operation has allowed Grade Asociety to conduct Annual General Meeting with reference to the Report of Internal Auditors. I am pleased to mention here that our society has received the same and the Annual General Meeting of the society is convened in advance to have ample time for planning and execution of policies.
As the government adopted free financial management there are many competitions and challenges are before the banking and credit societies and it is necessary for the credit societies to maintain and observe their credit in such competitions this is fight for the existence of the credit societies.
To accomplish great things, we must not only act, but also dream; not only plan but also believe". Our society has chalked out a Plan of Rs.1000 crore turnover by the end of the year 2018 and a goal to achieve business turnover of Rs.1000 crore in a span of 1 year, by having a pan–India presence, wider customer base, geographic reach as well as increased penetration of the existing customer base with an eye on profitable business without compromising on portfolio quality & our mission is 0% N.P.A.
Our society has adopted an effective system of Corporate Governance which permits adequate autonomy to the Board of Directors and the Top Management to take decisions that can enhance the progress of Our society within the framework of regulatory prescriptions, corporate goals, and social responsibilities. Our society has been actively promoting greater transparency as a part of its measures through wider disclosure of information that reflects the quality of transparency in good governance.
As part of the expansion policy of the Society, the Society has embarked on a massive recruitment drive and recruited around professionals and trained them to provide better banking services in the corporative sector.
Your Society has received the Following awards and I am glad to mention the Following.
1. Year 2018 : "Mumabi Bank Sahakar Gaurav" Second Prize
2. Year 2016 : "Banko" Second Prize
3. Year 2015 :
4. Year 2014 : Mumbai District Patsantha Fedration 1st Prize.
5. Year 2013 : Bruhan Mumbai Patsanth Fedration 1st Prize.
Our consistent performance has been recognized and appreciated by the Cooperative Departments
At the end of the year under review, recovery of overdues was a major task for banking in general. To add a fuel, announcement of Agricultural Debt Waiver & Relief Scheme 2008 has made it a herculean task. No specific guidelines were received by the banks and confusions amongst performing borrowers aggravated the recovery problem. In this critical & complex situation, our management and recovery unit encouraged the spirit of borrowers and counseled them, The society has taken good steps for recovery of the loan and reduced the N.P.A ratio and hence the society is eligible for congratulation, which has resulted in sustaining the tempo of good recovery and to achieve the net NPA 1.87%.
Our unstinted support has helped us reap considerable profits in the Financial Year 2017-18. In recognition of the same, the Society has decided to declare a dividend of 7%. p.a.
In order to better our services as per the expectations of our customers, the society has successfully implemented Banking Solution and thus enabled to do Any branch banking. Moreover. We provide an SMS banking, money transfer, etc. services. Customers can customer grievance and Feed Back through website. Competition and changing market forces led us to set up independent Marketing Department. Our aim to expand the customer base with the utmost priority of retaining old ones. This department also cares to design business products as per customer needs, referral insurance business. We have also set up Large Advances Monitoring Cell for effective supervision and control over large advances and thereby to improve the asset quality.
On behalf of the Board and on my own behalf I would like to take this opportunity to thank all shareholders and thousands of valued customers for their unstinted support and assure them of our commitment to enlarge the shareholder's value constantly. I wish to place on record my appreciation for the employees for their dedication, commitment and hard work which has contributed in making the society a front runner in the banking sector of the region. I also acknowledge the support and guidance provided by Registrar of Co-operative Society, Members of State Federation I also acknowledge and thank the contributions made by the Auditors, legal advisors, consultants and valuers.
Before I Conclude, I Would like to assure you, that our society has put in place appropriate plans and strategies to being about the intended quality business growth I seek you continued support and patronage to take your society to new height.
In the end, all I would like to say is – "Future lies with those who believe in the beauty of their dreams and we at SHIVSAHYADRI truly believe in the beauty of our dreams."
Years of Service
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Social Work
Considering the social relation of the society has undertaken the programme of notebooks, Bags distribution to students, food grains, fruits and medicines to the poor and needy persons and also provided help to the sick persons through Shivsahyadri Rugna Seva as well as we are now launch the Shivsahyadri matrimony, Shivsahyadri library at Koparkhairane. Training Center At Kharghar, and Shivsahyadri Sahakari Patpedhi Ltd. Parivar Masik Society arranges the Pravachan and Kirtan programmed of H.B.P. Baba Maharaj Satarkar, H.B.P. Pramod Maharaj Jagtap & Shri Mohan Buva Ramdasi.