217      
3220 Crores

Profile

 

Since the inception, Lokmanya Co-op. Credit Society has been catering to the needs of small industries, startup businesses and new entrepreneurs as well as helping all classes of society in building their own nests. Established under the dynamic leadership of Shri Kiran D. Thakur, renowned Social Worker & Editor of Tarun Bharat Daily with his like-minded associates, the vision of this Society has always been to form a stable and dependable entity for the entire community.
 
Initially the Society largely concentrated upon unsecured  loans, but as soon as it realized its own potential and influence over the huge community, it built up an extremely professional approach. Since, then Lokmanya Society has been dealing with secured loan proposal and micro loans.
 
History of the Organization
 
Lokmanya Co-op Credit Society came into existence in early 1995 and has been giving a lot of importance to customer service since its initial days of commencement. The society resorted to mechanization in 1997, a very modern way of banking, in order to give the best to its customers and achieve complete customer satisfaction.In addition to this, the Society kept answering its social responsibility and commitments. These commitments diversified the Society’s activities in many folds in the form of starting up of Educational Institutes, Arogya Seva Kendra, facilitating ambulance and Hearse Van for poor people, conducting Scholarship examination for the primary and high school students, sponsoring games like hockey, football, etc., to name a few.
 
As a result of its numerous social causes, the Society renewed its standings with a fresh sense of dedication aided by 203 offices comprising of one Head Office,branches, sub offices and Eight Regional Offices that branched out from the original main firm.
 
After being awarded the status of Multistate in the year 2002 and receiving an overwhelming response from the people of Belgaum, Khanapur, Nippani, Karwar and Sadashivgad areas, the Management decided to widen its operations. Presently, the Society has 203 Branches including 40 Branches in Belgaum region, 48 Branches in Goa Region, 44 Branches in Pune Region, 10 Branches in Ratnagiri Region, 15 Branches in Sawantwadi, 28 Branches in Kolhapur, 13 Branches in Mumbai Region, 4 Branches in Nashik Region and 1 Branch at Delhi with a total deposit base to the tune of  *INR 1846.50 crores and advances made to the extent of  *INR 1006.64 crores (handsome dividends declared right from the inception of the Society). Armed with a futuristic vision, the Society has built Fixed Assets in the form of buildings and land worth more than *INR 226.41 crores. In March 2013, the Society gained the status of Multipurpose to serve the people at its level best.
 
Corporate Vision : To emerge as the most competitive financial organization in the banking industry.
 
Corporate Mission : To appear as the most prominent corporate entity in the states of Maharashtra, Karnataka & Goa during the next few years. In order to stay competitive, the Society needs to be responsive to the challenges of the market force. In this process, it would also emerge as the most economical organization by cutting the costs and increasing the revenue.
 
Corporate Focus : The Corporate focus of the organization is maximization of shareholders’ wealth, corporate excellence through sound corporate governance and achievement of  INR 3 Lakhs profit per employee.
 
 
Competitive Strengths : Many new generation banks, both private and foreign, have entered into the Indian banking sector and have offered new products at competitive rates. In this scenario, the Society has defined its competitive advantage as:
  • Vast branch network spread all over the states of Maharashtra, Goa Delhi & Karnataka in certain trading business centers to enable resource mobilization at low cost.
  • Advanced technological implementation.
  • Well trained personnel in key fields to handle specialized products.

 

Corporate Strategy : In the years to come, the profit margins would be under increasing pressure. To overcome such a trend, the Society’s corporate strategies are:

  • To build business volume through penetration of other segments with innovative products.
  • To use technology for better customer comfort and satisfaction, coupled with reduction in operating expenses.
  • To provide most efficient and speedy customer service.
  • Increased emphasis on fee and commission based products.

 

Key Charter of Duties of the Society

  • Accepting deposits for the purpose of lending or investment of deposits from the public, repayable on demand or otherwise and withdrawn by withdrawal slips or otherwise.
  • The Society is also involved in marketing of sale & distribution of Insurance products of leading insurance companies.
  • After receiving the status of Multipurpose, the Society has diversified into Real Estate Business, MSEB Bill collection, Healthcare and many more sectors.
  • Recently, we have launched a new venture Quest Tours in travel domain to cater to all the travel needs and all these services are available at all the branches of Lokmanya Society.

 

* As on 31-March-2015.