Udupi’s Prestigious Badagabettu Credit Co-operative Society Records ₹2,935 Crore Annual Transactions in 2024–25, Earns ₹19.37 Crore Profit
Jayakar Shetty Indrali, President of the esteemed cooperative institution of the state—Badagabettu Credit Co-operative Society, Udupi—announced at a press conference that the society recorded an annual transaction of ₹2,935 crore in the financial year 2024–25, earning a profit of ₹19.37 crore.
The society, which has been rendering meaningful service in the cooperative sector for 107 years, had a share capital of ₹4.83 crore from 21,519 members at the end of the 2024–25 fiscal year.
₹1,050 Crore in All-Time Record Transactions
By the end of the reporting year, the society had collected ₹573 crore in deposits, marking a 12.45% increase over the previous year. Loans were disbursed to members for house construction, vehicle purchases, land acquisition and development, commercial complex and residential apartment construction, self-employment, education, marriage, gold mortgage, and home repairs, based on appropriate documentation. The outstanding loan amount stood at ₹477 crore, reflecting an 18.62% increase from the previous year.
The society possesses reserves of ₹95.18 crore, investments of ₹229.73 crore, and working capital of ₹673.20 crore. Operating across 11 branches, 8 of these are located on the society’s own premises. A 12th branch is set to open soon in the heart of Kundapura, where the society has already purchased its own office space.
The society has received numerous accolades, including 2 national awards, 9 state-level awards, and 18 undivided Dakshina Kannada district-level awards, establishing itself as a successful credit society. Not merely profit-driven, it also undertakes social welfare programs, spending around ₹20 lakhs annually on education, health, and community initiatives.
Chetana Mobile App
As a step toward digitization, the society developed the “Chetana Mobile App”, enabling customers to transfer funds via IMPS/NEFT/RTGS, transfer funds to RD and loan accounts, and access information about new schemes. The app, available on Google Play Store and Apple App Store, has received a positive response from users. Customers are encouraged to visit their nearest branch for more information
In line with modernization, daily deposit collections are now also done through a mobile app (Pigmy Mobile App). All branches offer services like safe locker facilities, e-stamping, PAN card services, money transfer, Lombard and Manipal health cards, health and general insurance, “zero balance” student accounts, missed call service, and free SMS alerts. For more updates, customers can visit www.badagabettusociety.com.
Future Goal – ₹1,500 Crore in Transactions
For the upcoming financial year, the society has set a goal of achieving ₹800 crore in deposits and ₹700 crore in outstanding loans, totaling ₹1,500 crore in business. It is also planning to construct a “Sahakara Soudha” at an estimated cost of ₹10 crore on a 1-acre property purchased in the heart of Udupi.
Branch advisory committees have been established at every branch, and each committee will work on implementing new schemes under the guidance of their members
Present at the press conference were Vice President George Samuel, Board Members Sanjeeva Kanchan, Purushotham P. Shetty, Umanath L., Vinay Kumar T.A., Padmanabha Nayak, Syed Abdul Razak, Sadashiva Nayak, Manohar S. Shetty, Sadhu Salyan, Jaya Shetty, Gayatri S. Bhat, General Manager Rajesh V. Sherigar, and Assistant General Manager Praveen Kumar.