New Delhi [India], August 4 (ANI): Union Home Minister Amit Shah, who also holds the Co-operation portfolio, congratulated Repco Bank for posting record profits in the financial year 2024-25. "Heartiest congratulations to Team Repco Bank for posting a profit of Rs 140 crore in the financial year 2024-25, which is the highest in the history of the cooperative society," the Union minister posted on X. The bank, under the jurisdiction of the MHA, has set an example of efficiency, dedication, and professionalism that will serve as an inspiration for the cooperative sector, the Union minister added.
According to its website, Repatriates Cooperative Finance and Development Bank Ltd. (REPCO BANK) was registered on November 19, 1969, as a cooperative society under the relevant provisions of the Madras Cooperative Societies Act, 1961, with jurisdiction over the State of Tamil Nadu, Andhra Pradesh, Karnataka, Kerala and the Union Territory of Puducherry.
Today, on behalf of the MHA, the Minister received a dividend check of Rs 22.90 crore from top officials of the Bank. "Today, on behalf of the MHA, received a dividend check of ₹22.90 crore from Shri E. Santhanam, Chairman, Shri C. Thangaraju, Director - Repco Bank & Chairman of Repco Home Finance Ltd. and Shri O.M. Gokul, Managing Director," the X post read. The Ministry of Cooperation was established on July 6, 2021, underscoring India's commitment to enhancing the cooperative sector.
India is home to over 8.44 lakh cooperatives, including 2 lakh credit cooperatives and 6 lakh non-credit cooperatives spanning housing, dairy, fisheries, and more, according to a PIB backgrounder published on Saturday. Going by the PIB backgrounder, a cooperative is an autonomous association of persons, united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically member-controlled enterprise. (ANI)