After a long gap of nearly two decades, the 78-year old Tirunelveli District Police Cooperative Thrift and Credit Society Limited paid dividend to its members on Wednesday, thanks to the efforts of Superintendent of Police Asra Garg.
On coming to know from his driver David that dividend to the investors of Tirunelveli District Police Cooperative Thrift and Credit Society Limited had not been given for the past eighteen years, Mr. Asra Garg discussed it with Special Officer of the society I. Noor Mohamed and secretary Natarajan, who told the SP that it would consume two full years to complete the entire process and disburse the dividend arrears.
However, Mr. Asra Garg, who provided adequate men and material support to Mr. Noor Mohamed and Mr. Natarajan, asked them to complete the exercise within two months.
Beating the deadline, the team accomplished the mission within just 27 days and the dividend of Rs. 23.16 lakh was given to 521 members on Wednesday.
According to Mr. Noor Mohamed, the society, now having 933 members and rated as an ‘A' Grade society since 1999, has Rs. 69.29 lakh as shares and Rs. 80.72 lakh as thrift fund while Rs. 1.88 crore has been invested in other societies as fixed deposits.
“The general body of the society has now decided to increase the loan ceiling from Rs. 50,000 to Rs. 5 lakh, depending upon the salary being drawn by the members. And the repayment period will be increased from 48 months to 120 months,” Mr. Noor Mohamed informed.
Increase in loans
As per the revised scheme, DSPs and Personal Assistant to SP can get a loan of upto Rs. 5 lakh while Inspectors and Superintendents (ministerial staff) can draw Rs.3.50 lakh as loan from the society. Similarly, Sub-Inspectors can get Rs. 2.50 lakh and Head-Constables and Assistants can avail Rs. 2 lakh. Constables, Junior Assistants, Typists, Data Entry Operators can get Rs. 1.50 lakh as loan while this amount will be Rs. 1 lakh for Record Clerks and Office Assistants.
Handing over the dividend, Inspector General of Police, South Zone, S.S. Krishnamurthy said the policemen, who had to plan their lifestyle according to their salary, should effectively make use of this credit facility to improve their living standards and to meet their unexpected expenditures.
The IG praised Deputy Inspector-General of Police, Tirunelveli, K.P. Shanmugarajeshwaran and Mr. Asra Garg for their efforts in disbursing the dividends within the shortest possible period of 27 days. Mr. Shanmugarajeshwaran, Mr. Asra Garg and Tuticorin SP T. Senthilkumar spoke.
Keywords: Thrift and Credit society