Hyderabad: The People’s Mutually Aided Co-op Credit Society Ltd in Hyderabad will begin year-long celebrations on Wednesday to mark its 25th year of operations. The bank was established on January 29, 2001, by retired banking officials.The Parsis in the city at that time found the need to establish a co-operative credit society. The aim was to give senior citizens reasonable interest on deposits and support budding entrepreneurs.The bank’s managing director and vice-chairman Kerfegar B. Antia said, “Keeping in view its social obligations, the society earmarks 1 per cent of its profits towards donations to deserving charitable organisations. The society regularly donates among others to B.R.J.C. Parsi High School, Secunderabad, Zoroastrian Stree Mandal, F.S. Parukh Dharamshala, Mumbai and Frohar Foundation, Mumbai.”The number of members of the society, as of December 31, 2024, stands at 2,764, almost 70 per cent of whom are senior citizens. Interest on deposits is paid monthly or quarterly or compounded on maturity as per the needs of the depositor.Chairman Khushroo F. Toorkey said, “The society has been paying dividend or interest on the share capital of members since inception. From the past ten years, the society has been disbursing dividends at 50 per cent on share capital. The society offers various types of banking facilities, including safe deposit lockers to its members.”
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