Silver Jubilee building of Sri Lakshmananda Multipurpose Cooperative Society inaugurated

Silver Jubilee building of Sri Lakshmananda Multipurpose Cooperative Society inaugurated

Mangalore Today News Network

Mangaluru, April 2, 2023: Silver Jubilee building of Sri Lakshmananda Multipurpose Cooperative Society was inaugurated at Morgans Gate in the city on Sunday, April 2, 2023.  Sri Laxmanananda Multipurpose Co-operative Society Ltd started on 7th December 1997 under the guidance and inspiration of J Krishna Palemar, Former Minister, Govt of Karnataka, with the objective of offering financial support to the needy.

Sri Laxmanananda Multipurpose Co-operative Society Ltd, which not only provides financial support through loans but also supports thousands who manage small businesses to earn their livelihood, is celebrating its Silver Jubilee. The society was started in 1997 with a capital of Rs 3 lakh, 9 directors and 800 shareholders. Now the number of shareholders is more than 5500, share capital is 2.8 crores and the annual business turnover is more than Rs 400 crores, through which it helps common people who need financial support in addition to providing other beneficial services to help people uplift the quality of their professional life. In the year 2022, the society has earned profits of more than Rs 1 Crore and offered a dividend of 20% to shareholders, thus retaining the recognition as an A Grade society, from the year of its existence.

The Society supports street vendors, vegetable vendors, auto drivers who need financial aid in the form of capital, so as to make them self-reliant. So far the society has offered support through loans to more than 2500 auto rickshaw drivers. In addition to loans, the Society offers guidance and follow-up to motivate them to professionally.

Free eye check-up camps, blood donation camps, support for the education of children of members and financial aid to other needy institutions are some of the social service projects through which society is served.

Today Sri Laxmanananda Multipurpose Co-operative Society Ltd is headquartered at Morgan’s Gate and has five branch offices at Morgan’s Gate, Hampankatta, Kavur, Katiplla-Kaikamba and Ullala. In commemoration of the legacy of 25 years of meaningful co-operative service, the Society has providing improved facilities in their newly built building at Jeppu, Morgans Gate near Rama Kshatriya Temple, at a cost of Rs 8 Crores.

Silver jubilee celebration was held on 02 April 2023, under the guidance of Shri J Krishna Palemar, President of Co-operative Society and former Minister, Karnataka.

South Canara District Central Cooperative (SCDCC) Bank president M.N. Rajendra Kumar inaugurating the new building, said the society has created history in Mangaluru and wished it expanded the activities across the State. Nitte (Deemed to be University) Pro Chancellor Shantharama Shetty inaugurated the safe locker while Mayor Jayanand Anchan lit the lamp to formally inaugurate the public programme.

Bank founding president and former Minister Krishna J. Palemar said every member of the society wanted to have the own building and the occasion came when it was celebrating the Silver Jubilee of its formation.

Speaking on the occasion, Dr. Shantharam Shetty said the Society has served the Rama Kshatriya community exceptionally well. Its achievements of transacting over ₹400 crore business in the last financial year, extending loans to people from weaker sections of society including autorickshaw drivers, street vendors etc., was worth emulating, he said. As his individual contribution, Dr. Shetty gave a cheque of ₹5 lakh to the Society.

Mangaluru City South former MLA J.R. Lobo, Area Councillor P. Bhanumathi,  Directors of the bank and many others were present.

Management Board:
President: Shri J Krishna Palemar
Vice President: Shri K Dinesh Rao
Directors: Ramachandra K S, G K Rao, P Babu, Dr. G. Ravindra, K. S. Ranjan,
Smt. Varija K, Dr. H Prabhaka, Dr. Manjula A Rao, K Ravindra, K Jairaj and Chief Operating Officer Shivprasad P A.

Special offer of Silver Jubilee: Samriddhi Cash Certificate- 9.5% interest for senior citizens and 9% interest for others.

Service facilities provided by Sri Laxmanananda Multi-Purpose Co-operative
Society Ltd:
* Deposit Schemes
* Savings Accounts
* Loans (Interest and Offers)
* Gold loan
* Gold loan for 1 year
* 6 months Express Jewel Loan
* 3 months Super Express Jewel Loan
* Business Loan -14%
* Housing mortgage loan- 14%
* Vehicle loans for new Auto rickshaws-11%
* Minimum Documentation with Faster Approval for Car Loan
* Locker facility
* NEFT, RTGS
* Yashasvini Scheme
* Vehicle Insurance
* E-Stamp