About Us

Karnatak Co-operative Credit Society is an age-old financial institution registered in 1947 catering to low & middle income members, by way of providing small investment schemes and easy, personal loans.

History

Managing Committee

History

In the early 20th century many people from all parts of India started coming to Mumbai (known as Bombay then) in search of jobs. In view of this demand for houses increased. In those days there was Pagdi system widely prevalent under which one had to pay a certain amount to the Landlord and some deposit to get a small one room or one room and kitchen house in various buildings and chawls. The deposit amount was in the range of Rs.500/- to Rs. 5000/- and a meagre amount of rent of RS. 2/- per month onwards. Pagdi was a one time amount paid for which no receipt was given by the landlords. The salaried class in Mumbai who were drawing a salary of Rs. 10/- to Rs. 100/- per month, a handsome amount then, could not afford to pay that amount and the commercial banks did not give loans for paying deposits or pagdi as ownership of the house was not passed on. Many people resorted to taking loans from unscrupulous money lenders, mostly Pathans at exorbitant resulting in their going bankrupt .These illegal money lenders used high handed methods of recovery. Many Kannada speaking people, mostly from Matunga and Sion came together and an formed a society called Kannada Paraspara Sahayaka Sangha in 1940 and started admitting members and offering easy loans to all salaried people. Initial members were hardly twenty. To start with the founder members had contributed Rs. 750/- towards share capital and monthly Thrift fund amounting to Rs.200/- was collected every month. The amounts so collected were distributed to the needy members by way of advances and loans. The Sangha had no offices of its own which necessitated operating from residences of the members. It helped the members in finding rental houses in Mumbai to a large extent. The Society got registered under the then Bombay Presidency Co-operative Societies Act in 1947 as Kannada Co-operative Credit Society .Later, in 1957, with a view to show that the society was not confined to the Kannadigas only, the name was changed to “Karnatak Co-operative Credit Society Ltd.” Till then the Managing committee members used to offer voluntary services of collecting the monthly contributions from members and the Annual General meetings were held in park grounds also.

Later, with the increase in membership to 200 there was a need for acquiring an office for the society. In 1960 a small 100 sq. feet office place was taken on rent in Mangal Co-operative Hosing Society on R.A. Kidwai Road at Matunga. This is now the registered office of the Society since then. As the membership increased and many members started staying in the adjoining Thane district and moved to Dombivili and further an ownership one room flat was purchased for Rs. 1.39 lakhs, which was a huge amount in the 1980’s, in Vishwambar Darshan Building on 1st floor at Subhash Road, Dombivili West to cater to the needs of members staying in Dombivili and near by areas. Though the society was started by Kannada people the membership was thrown open to any Indian citizen irrespective of Caste, creed and community provided he or her was of 18 years of age.

Initially it was registered with an authorised Share Capital of Rs. 1 lakh which was raised to Rs. 10 lakh in the 70’s and now stands at Rs. 25 lakh. The Society is governed as per the rules and regulations of Maharashtra State Co-operative Societies Act 1960 and the bye laws based on the model bye laws of 2013 framed by the Maharashtra Government.

This Society celebrated its Silver Jubilee on 7th March 1966 on a grand scale. The function was inaugurated by the then Mayor of Bombay Shri N. Madhavan and Hon’ble Minister for Co-operation, Govt. Of Maharashtra, Mr. K.S. Sonawane was the Chief Guest on the occasion. A variety of entertainment programmes including classical and vocal recitals, instrumental rendition and Bharat Natyam dances were presented by our members.

Similarly Golden Jubilee function was held in Karnataka Sangha hall at Matunga Road, in 1991 on a grand scale. A variety of entertainment programmes were organized.

Governing Body:

The Society is run by a Managing Committee consisting of 11 members, the strength of which depends on the total number of members, as per the act. Elections are held every five years and since the amendment to the act of 2013 necessitated by the 97th Constitutional amendment, the elections are held by the election officers appointed by the Co-operative Registrar’s office. Latest elections were held in Dec. 2023 and a new managing committee came into force from 5th Jan 2024.

Newly elected Managing Committee members: