UCO BANK EMPLOYEES' CO-OPERATIVE THRIFT AND CREDIT SOCIETY LTD.,

About Us

The Society was established in 1959 and has successfully completed 63 years of service to its members. The main object of the Society is to promote the Savings habit of the members and to grant loans to them for useful purposes with an ultimate aim of improving the living standard of the members.

The Society continues to progress with increase in membership and offers to meet the expectations of the members, true to the Cooperative tradition and spirit. The Society is registered under the Multi-state Cooperative Societies Act and Rules.

Member-centric services All services organized keep members’ needs in view and accordingly, the activities be planned, implemented and diversified.

Elected Board from members -Boards of Directors consist of individuals, elected by the owner members from amongst themselves

 Participation of members is a key cornerstone of good governance Participation could be either direct or representative or committee members

 Follows The Rule Of Law – Good governance requires fair legal frameworks that are enforced impartially.  Good governance also requires full protection of rights.

 Transparent Making and enforcing decisions in a manner that follows rules and regulations Making information freely available and directly accessible  Providing sufficient and easily understandable information

 Consensus – Oriented   Reconciliation of the different interests to reach a broad consensus on what is the best interest of the whole organization. 

 Equitable And Inclusive  Ensuring that all members of the cooperative feel that they have a stake in it and do not feel excluded from the mainstream  All have the opportunity to improve or maintain their well being.

64th ANNUAL REPORT OF THE UCO BANK EMPLOYEES’

CO-OPERATIVE THRIFT AND CREDIT SOCIETY LIMITED

MSCS / CR / 42 / 94 – CHENNAI- 600 001.

( FOR THE YEAR ENDED 31ST MARCH 2023 )

The Board of Directors besides extending welcome to the Members has great pleasure in placing before the general body of the society this report on the working of the Society for the year ended 31st  March 2023 together with the audited statement of accounts. We are happy to inform that our Society is placed under  ‘A’ class in Audit during this year also.

MEMBERS

  1. At the beginning of the year –     665
  2. Admitted during the year –       87
  3. Left during the year –       75
  4. At the end of the year –     677

SHARE  CAPITAL

  1. At the beginning of the year – Rs. 2,97,15,310/-
  2. Received during the year – Rs.    77,54,630/-
  3. Refunded during the year – Rs.    38,29,100/-
  4. At the end of the year – Rs.  3,36,40,840/-

FIXED DEPOSIT

  1. At the beginning of the year – Rs.   7,18,22,420/-
  2. Received during the year – Rs.   7,68,76,420/-
  3. Refunded during the year – Rs.   7,20,60,420/-
  4. At the end of the year – Rs.   7,66,38,420/-

THRIFT DEPOSIT

  1. At the beginning of the year – Rs.   4,93,71,293/-
  2. Received during the year – Rs.   1,14,39,654/-
  3. Refunded during the year – Rs.      93,16,280/-
  4. At the end of the year – Rs.   5,14,94,667/-

WORKING  CAPITAL

The working capital of the society as on  31 / 03 / 2023 was Rs. 18,55,21,527 against                  Rs. 17,21,75,477.81 as on  31 /03 / 2022.

LOAN TO MEMBERS : ( Surety Loan )

  1. At the beginning of the year – Rs. 16,65,01,452/-
  2. Issued during the year – Rs. 22,28,46,737/-
  3. Collected during the year – Rs. 20,12,15,326/-
  4. At the end of the year – Rs. 18,81,32,863/-

 

LOAN TO MEMBERS : ( Festival Loan )

  1. At the beginning of the year – Rs.     3,79,012/-
  2. Issued during the year – Rs.     3,30,000/-
  3. Collected during the year – Rs.     4,90,001/-
  4. At the end of the year – Rs.     2,19,011/-

 

FIXED DEPOSIT LOAN

  1. At the beginning of the year – Rs.       20,000/-
  2. Issued during the year – Rs.    80,11,400/-
  3. Collected during the year – Rs.    66,18,400/-
  4. At the end of the year – Rs.    14,13,000/-

PROFIT ALLOCATION FOR THE YEAR -2022-23

The society has earned a Net Profit of Rs. 42,88,252.30  for the year under report. The Board recommends to the General Body that the Profit may be disbursed as follows in accordance with the provisions of the Multi-State Co-operative Societies Act 2002.

Sl.No               Particulars                                                                         Amount

 

  1.  Reserve Fund (25%)                                                   –   Rs. 10,72,063.00
  2.  Co-op. Education fund (1%)                                      –   Rs.      42,883.00
  3. R.F ( Unforeseen losses ) (10%)                               –   Rs.   4,28,826.00
  4.  Dividend @ 8% on Share Capital                             –   Rs.  25,57,920.00
  5.  Ex-Gratia to staff  –   Rs.       18,000.00
  6.  D.E.F (2%) –   Rs.       85,765.00
  7. S.R.F Balance –   Rs.       82,795.30

 

Rs.   42,88,252.30

CONCLUSION

The Board of Directors thank the Authorities of the Co-operative Department both Central and State for their advice and the Board extend grateful thanks to the Central Registrar of Co-operative Societies, New Delhi,  The Registrar of Co-operative Societies,Tamilnadu, for all their guidance and courtesy extended for the efficient management of the society.

The Board of Directors also thank M/S Vairav & Associates Chartered Accountants who have audited the accounts of the society.

The Board of Directors also thank the Managers of all Uco Bank Branches for effecting recoveries from members and extending their fullest co-operation in running the society.

The Board of Directors thank the Uco Bank Sowcarpet Branch, Uco Bank Chennai Main Branch and their staff and Chennai Central Co-operative Bank for the timely financial help extended to our society.

The Board of Directors thank the Members of the society for their co-operation and support extended for  smooth running of the affairs of the society.

The Board of Directors also thank all the Staff Members for the excellent service rendered by them to the society

(By order of the Board)

Station : Chennai – 600 001.                                                                      Date    :  25-08-2023                                                               

Sd/-xxxxx                         N.ANANDASELVAM

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