The BSNL Employees’ Cooperative Credit Society Ltd., Hubli, which has as its members BSNL employees from 15 districts of northern and central Karnataka, will be celebrating its golden jubilee on September 22 here.

Addressing presspersons here on Wednesday, society chairman Shrinivas M. Padaki, vice-chairman M.N. Idguri and other office-bearers said that to mark the golden jubilee of the society, they had planned to build a golden jubilee memorial community hall.

Mr. Padaki said that the society already had been allotted 5 guntas of land at Bhairidevarakoppa here from the Hubli-Dharwad Urban Development Authority, and a formal approval for the project would be sought at the annual general body meeting of the society to be held on September 22.

Mr. Padaki said that to mark the golden jubilee celebrations the society would launch a ‘gold’ scheme under which members would be offered returns of 1.5 times after 50 months for the investments made by them.

The cooperative society was established with a share capital of Rs. 1,120 with 74 members; now, the society has a share capital of Rs. 8.41 crore with 4,411 members, according to Mr. Padaki.

It has recorded a turnover of Rs. 142.06 crore and a gross profit of Rs. 5.31 crore in the previous financial year.

To a query, Mr. Padaki said that the society had increased the thrift interest percentage from 10 per cent to 12 per cent and the dividend percentage had been brought down from 11 per cent to 5 per cent.

The golden jubilee celebrations will be held at the HDMC Employees’ Hall at JC Nagar here on September 22 at 10.30 a.m. It will be attended by the Registrar of Cooperative Societies N.S. Channappagouda and Principal General Manager (Finance) of BSNL, Bangalore, L.R.V.M. Rao.

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