Indian Cooperative Credit Society Limited (ICCSL) has successfully navigated crises and achieved growth, now expanding its operations across the country. The cooperative society plans to implement welfare-driven and investment-friendly schemes in the sector. Chairman Sojan K. Avarachan announced that ICCSL aims to achieve a ₹10,000 crore investment target over the next five years. Currently, the society has an investment of ₹4,800 crore, with ₹1,000 crore of matured investments already refunded to investors.
The remaining investors will receive their matured investments as well. Additionally, over 60% of shareholders have been provided loans, and the society has accumulated assets worth ₹800 crore. Operating under the Ministry of Cooperation and the Central Cooperative Registrar, ICCSL is a multi-state cooperative society with more than 115 branches across Kerala and other states, including Delhi, Goa, Maharashtra, Gujarat, and Karnataka. New branches are set to open in these states, along with two new regional offices in Kozhikode and Kottarakara in Kerala.
ICCSL is modernizing its operations, including the implementation of new-generation banking systems like ATMs. Shareholders will receive ATM cards, allowing them to withdraw money from any bank account or deposit funds into any bank. The society will also introduce ATM facilities for transactions with other banks. As part of its growth, ICCSL has acquired two prominent NBFCs listed on the stock market: Mangalam Industrial Finance Limited and I Secure Credit & Capital Services. One of these companies will be transformed into a small bank, while the other will continue as an NBFC.
Currently, only shareholders can access loans from ICCSL, but once the NBFC operations become active, loans, including gold loans, will be available to all through the NBFC branches. Chairman Sojan K. Avarachan’s leadership, long-term vision, and management expertise in cooperative banking have been key to ICCSL’s success. His transparency and trustworthiness have earned the unwavering support of shareholders, driving the organization’s growth and development.
