Chairman’s Message

Dear esteemed members,

Malankara Multi-State Cooperative Credit Society Limited has completed 16 years of dedicated and successful service in the cooperative financial field. I can confidentially declare that we are living up to our vision of “To Disseminate Our Benevolence to Everyone, Everywhere and Always” and declare that this will continue for the future also.

Our business turnover has seen an impressive growth of 29% for the year ended 31.03.2024, a testament to the dedication, innovation and hard work of our entire team. The total business turnover as on 31st March 2024 stands at Rs.728 crores. Total deposit increased by 31% and stands at Rs.354 crores and advances at Rs.326 crores with an increase of 26%. The profit of the society now stands at Rs.2.41 crores. Despite the opening of 21 CFCs and increased employee costs, we have managed to record a profit of Rs.2.41 crores. Our most valued member strength has increased to 63553 which is 58% from that of last year. Our Capital has now increased to Rs.48 crores and our CRAR (Capital to Risk-Weighted Assets Ratio) for the financial year ended on 31st March 2024 is at 11.44% against the classified prudential norm of 12% which we are planning to meet by the end of this financial year itself. We are thankful to all our dedicated staff for their continued hard work and integrity and to society’s members for their trust and guidance which enabled us to excel in the race and reach great goals in the cooperative financial world.

In this era, without technology support, no financial institution can survive. We are continuously investing and updating our technology platforms like Core Banking Solutions, online payment integrations, mobile applications etc.. and implementing innovative products and services to serve our esteemed members. Accordingly, we have budgeted an amount of Rs.5 crores for technology development and upgradation.

We cordially invite you to join in our journey with your guidance for excellence and we together shall achieve our goals. All the bits of advice, guidance and encouragement which used to give us in past should continue in the coming years also. We are also in need of support from our Business Correspondents, Direct selling Agencies and other well-wishers for bringing more business, contacts and resources for spreading our wings in the neighbouring States of Tamil Nadu and Karnataka. On this occasion, we express our sincere thanks to our business correspondents for being a part of the growth of society.

We also express our sincere thanks and gratitude to BOCHE (Dr Boby Chemannur), our brand Ambassador for promoting our brand through various channels including social media, events, public appearances and other marketing activities. His presence itself is giving utmost confidence among our members and his branding & admiration shall be helping us to reach business targets during the coming years also. As a part of sustainable development, we have started a “Go Green initiative” to foster a sustainable and clean environment for a bright future. The society has planned to provide 1 crore saplings to citizens across Kerala. The main aim of this initiative is to change the behaviours, spread environmental awareness and urge citizens to protect the environment.

The term of the current board will expire in the month of December 2024 and would like to inform that the society has duly informed the Cooperative Election Authority for the conduct of the election of the future board. We express our sincere gratitude for the responsible and timely service provided by the Office of Central Registrar. Their commitment to efficiency and professionalism has significantly contributed to our society’s ability to operate smoothly and effectively.

I am concluding this address by expressing our sincere thanks to our members, well-wishers and staff of our society not excluding the Board Members who were instrumental in framing our Micro and Macro development activities. We assure you that we are following the vision of the Ministry of Cooperation “Sahkar se Samriddhi - Prosperity through Cooperation” and strive hard for the betterment of people from the grassroots level and empowering them to become masters in their lives.

Thank you, once again, for your invaluable contributions and unwavering trust.