Rajasthan-based Winners Royal Varsha Credit Cooperative Society has started operations in Kerala. The Multi-State Cooperative Society Stakeholders’ Association President R. Premkumar inaugurated the society’s corporate office in Kochi.
Winners Royal Varsha Credit Cooperative Society is licensed to operate 150 branches in seven states, including Rajasthan, Punjab, Gujarat, Karnataka, Tamil Nadu, Kerala, and Pondicherry.
The society, which will open branches at Thoppumpady, Thrippunithura, and Aluva this month, is planning to open 50-70 branches across Kerala in the current financial year. In the initial phase, branches will be opened in Ernakulam, Thrissur, Kozhikode, and Kannur districts. Each of the branches will have facilitation centres.
The society is aiming to do business of Rs 200 crore, including Rs 150 crore from vehicle loans and Rs 50 crore from other loans. It will offer a variety of loans such as gold loans, overdraft loans, gold purchase loans, business loans, and vehicle loans. It offers interest of 4.75 per cent to 12 per cent on deposits.
“We are banking on the two-wheeler loan segment, which is expected to grow at 10 per cent every year for the next few years,” said R. Balakrishnan, Head, Two-Wheeler Business.
Meanwhile, Retail Assets and Liability Business Head, K. Sreeram, said the society’s branches will offer its members several deposit schemes and flexible loans, and a 24-hour digital service.