Adarsh Credit Co-operative Society Ltd. net profit rises to Rs. 481.28 cr for FY 2017-18

Adarsh Credit, India's largest credit co-operative society has announced a dividend of 16 percent to all its members for the FY 2017-18.

The announcement of the dividend took place in the 20th Annual General Meeting (AGM). The process of payments of dividends would be started very soon. Adarsh Credit also announced an interim dividend of 15 percent for the FY 2018-19.

Rahul Modi, MD & CEO, Adarsh Credit said that share capital and reserves has increased by 40.48 % compared to previous financial year and total share capital and reserves amounts to Rs. 2705.65 crores. The Capital Adequacy Ratio of Adarsh Credit for 2017-18 is 35.60% which shows the strong financial growth and stability of the organization. Adarsh Credit has earned a net profit of Rs. 481.28 crores for the financial year ending on 31st March 2018. The number of members as on date is more than 20 Lakhs. The huge rise in the number of the members in the society shows the trust of people towards the organization.

Modi also added that web version of Adarsh Mobile Money Application has been launched which will help the members to avail financial services through the web version. The process of nomination of members is also being digitally completed. This will lead to more digitalization and is a step towards paperless economy. Today, 100 percent of all transactions in Adarsh Credit are done through Adarsh money mobile application. Adarsh Credit has also adopted Adobe Sign, an e-signature solution for the members of Adarsh Credit which will be able to carry out financial services without usage of physical KYC and provide e- signatures through smart phones for the online forms.

The E-FDR's will be issued to the members in future and members of the society will also be able to avail member loans through Adarsh Money Mobile Application. In addition to it, members have also been provided the facility of cross sale platform. Adarsh Credit has also won many accolades and awards in India as well as abroad for its new technology adoptions.