The Apex Bank's Staff
Co-operative Credit Society LTD.

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We have over 50 years of experience
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History


The Apex Bank’s Staff Co-operative Credit Society Ltd. was promoted by Ramesh Rudraji Borkar and then it was registered by then Assistant Registrar of Co-op. Societies, Dr. Joe Almeida on 24th February 1968 along with 1st 10 members. The seed which they have sowed that time has flourished and became a big tree after 50 years. We thank all the promoters of our Apex Bank Staff Co-op Credit Society Ltd. who has promoted our Society. The names of the Promoters are as under:

1. Shri. Ramesh Rudraji Borkar 20. Shri. D. G. Sanzgiri
2. Mahendra Shankar Naik Gaonkar 21. Shri. R. R. Kavlekar
3. Shri. Jairam Bala Josalkar 22. Shri. V. S. Shirwant
4. Miss . Milan G. K. Shankwalkar 23. Shri. R. S. Naik
5. Shri. Netaji K. Sambhari 24. Shri. S. B. Hegde
6. Shri. Atmaram Mortu Dubhashi 25. Shri. M. D. divkar
7. Shri. Jose Philip J. Vaz 26. Shri. Raghunath Desai
8. Shri. Dinannath Dabolkar 27. Shri. A. R. Naik
9. Shri. Vishwambar Sripad Bhende 28. Shri. A. S. Badodekar
10. Shri. Manohar V. Chikodi 29. Shri. P. S. Kakode
11. Shri. A. B. Gawas 30. Shri. S. M.P. Mahambrey
12. Shri. M. M. Phadke 31. Shri. G. v. Shetye
13. Shri. S. D. Gawas 32. Shri. N.C. P. Khanolkar
14. Shri. V. S. Sawant 33. Shri. P. A. Munj
15. Shri. M. L. Malik 34. Shri. A. G. Sawant
16. Shri. P. M. Keni 35. Shri. M. D. Naik
17. Shri. B. R. Kunkalenkar 36. Shri. Salkar
18. Shri. N. P. Madkaikar 37. Shri. V. V. Gawas
19. Shri. B. V. Vaze 38. Shri. Rohidas Naik

During 1968, they have started the society with Rs. 848/- i.e. Shares of Rs. 810/- and Entrance fees of Rs. 38/-. The amount per member which was subscribed share was Rs. 10/- & for Entrance fee was Rs. 1/-. The achievement of the society during these years were MRBS (Membership Retirement Benefit Scheme) & purchase of Flat during the tenure of Shri. P. S. Vernekar as Chairman and MBDA (Members Benefit Death Assurance) scheme during the tenure of Shri. Bhavanidas Manerikar as Chairman. Subsequently the MBDA scheme was modified and loan limit was enhanced upto Rs. 15.00 Lakhs.


As per records available , the Chairman / Secretary During period 1968 to 2018 are as under

1. Chairman 2. Secretary
Shri. Ramesh Rudraji borkar
Shri. Jairam Bala Josalkar
Shri. G. V. Shetye
Shri. B. V. Vaze
Shri. Prabhakar Saji Vernekar
Shri. Chandrahas N. Salkar
Shri. Chandrakant G. Govekar
Shri. Pramend C. Amonkar
Shri. Sharad Gad
Shri. Bhavanidas Manerikar
Shri. Sudesh K. Nagvekar		 Shri. B. V. Kelkar
Shri. B. V. Vaze
Shri. S. S. Naik
Shri. Nagendra Chodankar
Shri. K.K. Chandrashekar
Shri. Prashant R. Naik
Shri. Sanjay P. Raikar
Shri. Muller Fernandes

The Flat was purchased during the following committee in office.

  • Shri. P. S. Vernekar - Chairman
  • Shri. Ratnakar S. Shirodkar - Vice Chairman
  • Shri. S. S. Naik - Secretary
  • Shri. C. P. Vernekar - Director
  • Shri. H. B. Sawant - Director

Members


Any person appointed in Goa State Co-op Bank Ltd on Regular basis, can avail membership of the society in a prescribed form by subscribing Entrance fee of Rs.10/- and at least one fully paid up share of Rs.300/-. Further he /she shall contribute to the society a minimum monthly deposit of Rs.300/- till he continues to be a member of the society however, the General Body may increase and fixed the limit of monthly deposit from time to time.

Documents Required for Membership:
  • He/she should submit a duly filled prescribed application form of the society;
  • He/she should pay an entrance fee of Rs.10/- which is non refundable;
  • He/she should pay one share of Rs. 300/- of the society along with the application form
He/she gives in writing an irrevocable authority to drawing and disbursing officer of the department/establishment to recover by deduction from his/her salary, dues payable by him / her to the society

Highlights

  1. The Authorized share capital has increased from `. 1,50,00000/- to `.2,00,00,000/-
  2. Every member shall pay a minimum of monthly subscription of `.300/- per month which shall be credited to hiss /her total individual share linking till it reaches `. 40000/-.
  3. The Society has implemented Lakhapati Deposit, Recurring Deposit & Fixed Deposit schemes to the members of the society at a attractive rate of interest.
  4. The Society has been extending loan to the members at a rate of 11.00% in the past of which the interest rate is brought down to 8.50% due to increase in own funds of the society which will be further brought down 8.00% w.e.f. 1 st April 2023.
  5. The limit of Mid Term / Long Term Loan has enhanced from `. 4,00,000 to `. 15,00,000/- on 15 th December 2015 and short term loan from `. 10,000/- to `. 20,000/- to the members of the society.
  6. The Society has introduced MBDA (Members Benefit Death Assurance Scheme) and was amended on 28 th February 2014 & 15 th December 2015 and the details are as under:
    7. Sr No  Loan Amount  MBDA Instalment to be deducted through Salary of every month till closure of loan Account
    For Age up to 48 Years For Age above 48 Years
    1 1/- to 100000/- 200/- 400/-
    2 100001/- to 200000/- 300/- 600/-
    3 200001/- to 300000/- 400/- 800/-
    4 300001/- to 400000/- 500/- 1000/-
    5 400001/- to 500000/- 600/- 1200/-
    6 500001/- to 600000/- 700/- 1400/-
    7 600001/- to 700000/- 800/- 1600/-
    8 700001/- to 1000000/- 1000/- 2000/-
    9 1000001/- to 1300000/- 1300/- 2600/-
    10 1300001/- to 1500000/- 1500/- 3000/-

    • MBDA Instalment to be deducted through Salary of every month till closure of loan Account is credited to MBDA Insurance Fund A/c.
    • If the borrower member dies during the currency of the loan then his / her outstanding loan amount will be cleared from MBDA Insurance Fund A/c.
    • MBDA Instalment collected from the borrower is refunded back to the him / her with a gap period of six months on closure of loan A/c and on a request letter from the concerned borrower OR on the date of retirement whichever is earlier.
    • The MT / LT Loan Outstanding with the Society of the principle Borrower will be cleared under MBDA scheme only in case of his / her natural death / accidental death and if he / she is regular in paying the MT / LT Loan of the Society.
  7. The society has implemented social welfare scheme to members, felicitation of meritorious children of member studying from 10 th class till graduations in various disciplines since year 2014 & at present Society is felicitation of meritorious children of member studying from 10 th class to 12 th class in all fields. Society also felicitates the retired members.
  8. The Society has been awarded AUDIT CLASS “A” since last nine years.
  9. The Society has celebrated Golden Jubilee function on completion of 50 years.
  10. The society has computerized our accounts in the year 2008 through EzySoft – Ezy Accounting Package developed by Thrift Cooperative Association Ltd., Ponda Goa.

Progress at a Glance


  31.03.15 31.03.16 31.03.17 31.03.18 31.03.19 31.03.20 31.03.21 31.03.22
Share Capital 131.28 147.66 157.10 148.95 149.44 154.45 161.97 159.76
Reserve & Other Fund 40.35 49.44 52.43 60.16 59.07 66.06 70.82 74.09
Deposits 474.18 525.15 639.37 745.36 808.77 885.61 1059.92 1317.87
Advances 647.86 929.74 1134.49 1104.30 1061.59 1081.56 1286.42 1264.87
Investments 96.44 106.01 93.16 123.99 161.53 171.56 160.41 450.84
Borrowings 35.10 257.79 306.59 192.75 90.73 NIL NIL NIL
Profit 18.92 20.87 24.97 28.33 28.97 29.72 29.54 29.91
Audit Classification ‘A’ ‘A’ ‘A’ ‘A’ ‘A’ ‘A’ ‘A’ ‘A’

Comprehensive benifits to the members:


The Board of Directors is pleased to recommend the following benefits to the members of the Society as approved in the AGM:

  1. The Dividend is released for Ganesh Chaturthi Festival on obtaining for approval from AGM 15.00% Dividend is released for the year 2021-2022.
  2. The Retirement benefit of `. 5001/- are released in the AGM to those members who have retired from the Bank on attaining superannuation from the Bank & from the membership of the Society.
  3. The Society releases `. 5001/- to the family member of the deceased member of the Society on receipt of the claim / death certificate.
  4. The Educational Scholarship Scheme
    The Society acknowledges the excellence in the educational field of members & their family members by giving them scholarships. The Society releases the Educational Scholarship Scheme as per AGM approval to the children's of the member who secures 75% and above marks in 10th std., 12th Science, 12th Commerce, 12th Arts & 12th Vocational Stream.

Awards

  1. CERTIFICATE OF APPRECIATION was awarded during the year 2019-2020 by the Goa State Co-operative Union Ltd., Goa.
  2. Special Award of Appreciation for dedicated & tireless service in co-operative field by the Government of Goa for the year 2020-2021.
  3. Regional Award for Co-operative Excellence & Merit 2021 awarded by the National Co-operative Development Corporation (NCDC), Regional Office, Pune for the year 2020-2021
Our Deposit Schemes

Membership Retirement Benefit Scheme

Members Benefit Death Assurance Scheme

Thrift / Cumulative Deposit Scheme

Fixed / Recurring / Lakhapati Deposit Scheme

Our Loan Schemes

Long / Medium Term Loan (Max. Limit Rs. 1500000/- @ 8.50%)

Emergency Loan (Max. Limit Rs. 20000/-)

Loan against Deposits

Festival Advance

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