Kochi: Rajasthan-based Winners Royal Varsha Credit Cooperative Society has started its operations in Kerala. Multi-State Cooperative Society Stakeholders Association President R. Premkumar inaugurated the society’s corporate office located at Padivattom here. Winners Royal Varsha Credit Cooperative Society is licensed to operate 150 branches in seven states, including Rajasthan, Punjab, Gujarat, Karnataka, Tamil Nadu, Kerala, and Pondicherry.
The society, which will open its branches at Thoppumpady, Thrippunithura, and Aluva this month, is planning to open 50-70 branches across Kerala in the current financial year. In the initial phase, branches will be opened in Ernakulam, Thrissur, Kozhikode, and Kannur districts. Each of the branches will have facilitation centres also.
In the ongoing financial year, the society is aiming to do business of Rs 200 crore, including Rs 150 crore from vehicle loans and Rs 50 crore from other loans. It will offer various loans such as gold loans, overdraft loans, gold purchase loans, business loans, and vehicle loans. It is offering interests ranging from 4.75 percent to 12 percent for deposits. “We are hoping to do remarkable business in the two-wheeler loan segment, which is expected to grow at 10 percent every year for the next few years,” said R. Balakrishnan, Head, Two-wheeler Business. Meanwhile, Retail Assets and Liability Business Head K. Sreeram said that the society’s branches will offer several deposit schemes for its members and flexible loans, and 24-hour digital service.
Vibe Resorts and Spa CEO Joly Antony, Chief Advisory Board Member Mano Mohan, Retail Assets and Liability Business Head K. Sreeram, Auto and Assets Finance Business Head R. Balakrishnan, Finance and Accounts Vice President K. Ashwin, Credit and Operations Vice President M. G. Santhosh Kumar and HR Chief Manager Hilda Aneesh were also present at the inaugural function.