DIMAPUR, JUNE 26 (MExN): State Bank of India Employees’ Thrift & Credit Co-operative Society(SBI-TCCS) Ltd, Dimapur held its 21st annual General Meeting (7th Triennial General Meeting) Sunday, June 26. Registrar of cooperative Societies, Nagaland T Imkonglemla Longkumer graced the opening session as the chief guest.
Addressing the gathering, Longkumer expressed satisfaction at the progress, the society has made during the past 22 years. The society, formed in 1988, has at present 830 members. She recalled that the cooperative movement was first introduced in Nagaland way back in 1946 and had functioned satisfactorily until it was disturbed during the turbulent days of the fifties and sixties. It reemerged with strength during the seventies and eighties with district cooperative societies taking the lead.
However, cooperative societies nowadays are failing to keep up with the rapid changes in the spheres of socio-economic developments, she observed. “Cooperative movement in Nagaland is found to be lacking in cooperative spirit and this is especially seen in many cooperatives societies which are manned by one or few individuals, quite contrary to the principles of the cooperative movement.”
In such a juncture, she expressed happiness that the SBI Thrift and Credit Cooperative Society is performing and serving its members well. “I have been informed that your working capital base has risen to many crores of Rupees, I believe, SBI Thrift and Credit Cooperative Society is now matured enough to foray into other areas and cater to the needy aspects especially in the propagation of thrift and credit spirit.”
Further, she said that the state is going through major socio-economic changes. “Unemployment on the rise, and has become a serious issue. Interestingly, a new generation of young entrepreneurs is entering the market through the availability of micro credit facilities.” She thus, challenged the society in particular, to reach out to the emerging entrepreneurs.
Presently, there are 16 such registered thrift & credit societies in the state. Its objectives are to encourage thrift and cooperation among members, to issue loans to its members at reasonable rate of interest, to borrow funds from the members and to utilize it as loans to other members and to act as agents for purchase of domestic and other requirements.
Addressing the gathering, Longkumer expressed satisfaction at the progress, the society has made during the past 22 years. The society, formed in 1988, has at present 830 members. She recalled that the cooperative movement was first introduced in Nagaland way back in 1946 and had functioned satisfactorily until it was disturbed during the turbulent days of the fifties and sixties. It reemerged with strength during the seventies and eighties with district cooperative societies taking the lead.
However, cooperative societies nowadays are failing to keep up with the rapid changes in the spheres of socio-economic developments, she observed. “Cooperative movement in Nagaland is found to be lacking in cooperative spirit and this is especially seen in many cooperatives societies which are manned by one or few individuals, quite contrary to the principles of the cooperative movement.”
In such a juncture, she expressed happiness that the SBI Thrift and Credit Cooperative Society is performing and serving its members well. “I have been informed that your working capital base has risen to many crores of Rupees, I believe, SBI Thrift and Credit Cooperative Society is now matured enough to foray into other areas and cater to the needy aspects especially in the propagation of thrift and credit spirit.”
Further, she said that the state is going through major socio-economic changes. “Unemployment on the rise, and has become a serious issue. Interestingly, a new generation of young entrepreneurs is entering the market through the availability of micro credit facilities.” She thus, challenged the society in particular, to reach out to the emerging entrepreneurs.
Presently, there are 16 such registered thrift & credit societies in the state. Its objectives are to encourage thrift and cooperation among members, to issue loans to its members at reasonable rate of interest, to borrow funds from the members and to utilize it as loans to other members and to act as agents for purchase of domestic and other requirements.
