South Central Railway Employees Co-operative Credit Society Ltd., (SCRECCS), Secunderabad, has announced sanctioning of loans to the tune of ₹1,117 crore under various heads for catering to the urgent needs of its shareholders. The society has earned a profit of ₹23.29 crore during the last fiscal and accordingly, the management board has declared a dividend of 18% amounting to ₹12 crore to be credited to the accounts of shareholders immediately at the 83rd annual general body meeting held recently.
Under the chairmanship of K. Murali Krishna, the AGM was held online with 202 delegates participating to give their approval for the accounts of 2020-21. Despite the pandemic, accidental death relief fund cheques worth ₹24 lakh were handed over to the seven families of the deceased shareholders.
Monthly savings scheme by offering rate of interest higher than the banks, grant loans for purchase of 2-4 wheeler vehicles and for meeting the expenses towards tours and trips apart from existing loans are to be introduced. The society has been established in 1923 and collects compulsory deposits from its shareholders on monthly basis under the Cumulative Monthly Thrift Deposit (CMTD) with subscriptions received depending on the basic pay of the shareholder. Various loans are issued for the shareholder in time of need through its various schemes and funds, a press release said.
