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

ANI  |  New Delhi [India] 

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

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

Rahul Modi, MD & CEO, 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 for 2017-18 is 35.60% which shows the strong financial growth and stability of the organization. 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 of Adarsh Mobile Money Application has been launched which will help the members to avail through the 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 are done through Adarsh money mobile application. Adarsh Credit has also adopted Sign, an for the members of Adarsh Credit which will be able to carry out without usage of physical KYC and provide through for the

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 as well as abroad for its new

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 15:40 IST