LOKMANGAL NAGARI CO-OPERATIVE CREDIT SOCIETY

Period of operations: 9 years 

Number of branches: 35 branches 

Number of shareholders: Over 3306 individuals 

Deposits: Over Rs 168 crore 

India’s growth is linked to its rural areas, which have tremendous potential for growth but development demands finance and large financial institutions do not generally find it economically viable to establish a permanent presence in small rural hamlets. Lokmangal fills this much needed gap with its micro finance model that offers easy access to finance when it is needed, where ever it is needed.

In addition to banking services the society also offers non-banking facilities, such as gold loans, loans against deposits, personal loans, safedeposit lockers, bill payment facility for electricity, telephone and mobile, and more. 

With a 365-day open plan and an all-inclusive policy that welcomes members from every community, Lokmangal Nagari Co-operative Credit Society is helping revolutionise banking services across Solapur district. The bank has, to date, disbursed loans exceeding Rs. 75 crores and paid a healthy dividend of 15% to its shareholders since its first year of operation. 

Performance Report from 2008-09 to 2012-13

Particulars 2008-09 2009-10 2010-11 2011-12 2012-13
  Share Capital 22.94 166.99 205.15 485.22 605.97
  Reserved Funds 30.16 57.89 111.28 153.57 201.03
  Total Deposit 4874.44 9467.61 11117.10 13839.34 16809.19
  Loan & Advances 3518.99 6404.49 7739.44 9924.87 12110.27
  Net Profit 78.00 89.96 151.00 180.78 201.15
  Working Capital 4622.91 10377.84 12117.86 15828.72 19071.33
  Audit Class A A A A A