Secretary’s Desk
Respected Chairman, Vice-chairmen, Directors and Delegates,
One year long since the last annual general meeting we have had a very difficult time. During the long lockdown in mid-2020, communication with members, especially in the Mugma region, was cut off. At the last Annual General Meeting, the House passed a partial amendment to the clause – 32, and in this important situation; we had to succeed in getting the approval of the State Government with the sincere help of the CI, Mr. Abhijit Ghosh. After approval, we quickly contacted the BCCB authorities and as a result, we started getting MT Loan from the month of October.We fill proud that Mr. Nilanjan Sinha, Joint Registrar of Co-operative Societies, Western Zone; Mr. Koushik Goswami, ARCS of Paschim Bardhaman Range along with Mr. Abhijit Ghosh, CI of Kulti Circle and Mr. Sandip Segupta, Instructor of Co-operative Union, visited the Society on 21/01/2021 and they also convene a conference with the management of the adjacent co-operative societies. The honourable dignitaries stayed at our Society whole day and they have highly appreciated our Society’s activities.We have been forced to release four delegates due to retirement since taking charge of the elected Board. Last year we have honoured two respectable delegates, Sri Sadhan Kr Mukherjee and Sri Pradip Kr Sinha, who has been retired from ECL, as well as quiet their membership from the Society, by giving some token gift, sweets and uttoriyo. In the days to come we will be deprived of their valuable advice and rich experience.In this crucial situation, we have continued our work. Even in LockDown throughout the country for the pandemic COVID-19, we have continued our Board of Directors meeting and approved all the Loan Applications and other activities and the honourable members of the Board had not attended physically but they make their participation through ‘Google Meet’ App. It’s a great opportunity for us that we are part of such an organization which have crossed over 67 glorious years and mate 52 times in a democratic way for improvement of the organisation. For transparency of members’ transactions and elected management in a democratic way, our Society reached the pinnacle of excellence.
LOAN: Total Loan Amount disbursed ` 77,40,72,000/- to the 1555 number of members as on 12/07/2021 from the last AGM dated 21/06/2020, i.e. within 13 months. Average loan issued 4.98 lakh per member. Last year it was 3.36 lakh per member. A remarkable increase has been done. Our Board is implementing the loan issue system as per the decision of the last Half-Yearly General Meeting. At present in every step minimum, 2 lakh loan amounts are increasing from the previous loan amount. As per the decision, we have increased the loan limit from `6 lakh to `10 lakh and also increase the 1st loan from ` 1 lakh to ` 2 lakh.Our Board started to taking MT Loans from BCCB from October 2020 and we have taken `14,45,14,000/- from BCCB. Our board issued loans above 6 lakh to 159 members up to date. We have made insurance on every loan above 6 lakh at LICI. Early of 2020 our remote members could not keep in touch with us due to lock down. Loan disbursement to members had been stopped. We weren’t even able to use our overdraft account properly. We had done a lot of work on the plan of lend 10 lakh rupees to our members and we overcome the situation.We have appealed before the BCCB to reduce the interest rate on MT Loan at least 1% from the existing interest rate (9.5%) as the Society already borrowed a huge amount from the BCCB. As per our appeal, the bank authority fixed up a meeting and along with Secretary, Accountant, and Bank Supervisor met with Chief Executive Officer and other dignitaries on 6th July 2021 at main branch of the BCCB at Karzon Gate, Burdwan. After discussion, it was resolved that the bank may reduce the interest rate by 0.25%, i.e. from 9.5% to 9.25% if we take 25 crore MT Loans from their bank within a financial year. We have a huge own capital. We think it will have far-reaching adverse effects on our business.
CHANGES IN INTEREST RATES ON LOANS: Our Board of Directors changed the Loan Repayment Schedule and also decreases the Interest on Loan of Special Term Loan from 12% per annum to 11% per annum. Now members are being given three types of loans; i.e. Short Term Loan (Within 24 Instalment), Mid Term Loan (Within 36 Instalment) and Special Term Loan (Within 84 instalment). From 01/04/2021 rate of Interest on Loan of the Society stands as follows:
v Short Term Loan (Within 24 Instalments) @ 9% per annum.
v Mid Term Loan (Within 36 Instalments) @ 10% per annum.
v Special Term Loan (Increase more than ` 2 Lakh from Previous Loan), (Within 84 Instalments) @ 11% per annum.
INTEREST & DIVIDEND PAYMENT: Our Society already paid Dividend @ 12% in the FY 2016-17. As per WB Co-operative Societies Act, 2006, Section 86(1)(a), Society may declared dividend up to a maximum of 12 per cent per annum. We have already paying Interest on TF & GF as per limit of Society’s Bye-laws, i.e. @ 7%. In this year, i.e. 2016-17, Board proposed to pay the Dividend & Interest on TF/GF as per previous year’s rate. In the FY 2017-18 Society will have to pay Dividend ₹ 77,62,452.00 @ 12%, Interest on TF & GF ₹ 1,51,47,171.00 & ₹ 58,81,941.00 respectively @ 7%. Total amount involvement for Dividend & Interest is ₹ 2,87,91,564.00. Last year it was ₹ 2,32,67,697.00. Increased ₹ 55,23,867.00 from last year. As per decision of the 48th Annual General Meeting, we are depositing the Dividend & Interest amount to individual members’ Thrift Fund account. We are getting following positive impacts in this regard.
DEFAULTER MEMBER: We are attaching unit-wise lists of defaulter members. The concerned Delegates/Directors are requested to extend their sincere co-operation to collect all the pros and cons of these cases and submit the same to the society so that the board can take required steps to overcome the situation and may take necessary steps to recover the bad debts.
MEMBERSHIP & FINAL PAYMENT: At present our membership reduced to 5229. We have enrolled 319 new members from last Annual General Meeting; at the same time 386 members took their final settlement in this period and Society paid ` 3,77,82,952/- against the final settlements. The members of the House requested to give their full efforts to increase the membership.
Our Board paid ₹ 9,13,390/- to LICI for renewal of 4649 members for the sum assured amount of 50 thousand/member as per last year premium rate @ ₹ 3.33 per thousand per member in addition with 18% GST. We have already paid 122 nominees of our deceased members up to date in which we have paid 84 nominees @ ` 1.5 lakh. From the beginning we paid to LICI ` 32,79,240/- and we contributed from Society’s fund for this purpose ` 86,80,000/-. Until now our Society received `50,70,000/- against death claims from LICI. Honourable Delegates and Directors are requested to take a decision on this matter that whether we should enhance the sum assured amount at LICI from 50 thousand to 1 lakh.
As per decision of the General Meeting our Society started to handed over a memento, a token gift to the ‘Retired Members’ approximate total amounting of ₹ 2,000/- per member after final payment from the Society who had been retired on and from 01/04/2018. We also enhanced the gift amount from 2000/- to 3,000/-. Our board already honoured 296 retired members for this purpose.
AUDIT & ACCOUNTS: Audit for the year 2019-20 completed which had produced and passed in last Half-yearly General Meeting. The statutory audit for the year 2020-21 not yet started and will be made shortly as our Society’s books and account ready for the same. Our board has keep close contact with audit department for complete the audit job with earliest and it has been assured from the Audit Department that audit process will be commence soon as and when the situation will remain quite control. At present we are hereby submitting the separate Cash Account before the House for the period 01/04/20120 to 31/03/2021 for approval.
INTEREST/DIVIDEND & INTT REBATE PAYMENT: Our Society already paid Dividend @ 12% in the FY 2019-20. As per WB Co-operative Societies Act, 2006, Section 86(1)(a), Society may declared dividend up to a maximum of 12% per annum. We have already paying Interest on TF & GF as per limit of Society’s Bye-laws, i.e. @ 7%. For the FY 2020-21, Board proposed to pay the Dividend & Interest on TF/GF as per previous year’s rate. Society will have to pay Dividend `1,22,20,271.00 @ 12%, Interest on TF & GF `2,59,51,015.00 & `83,80,910.00 respectively @ 7%.
Total amount involvement for Dividend & Interest will be `4,65,52,196.00. Last year it was `4,04,82,971.00. Amount increased `60,69,225.00 from last year. As per decision of the last Annual General Meeting, Board credited the Interest Rebate for 2019-20 @ 7%, ₹47,40,142/-, to members’ account.
FIXED/TIME DEPOSITS: At present investments of our Society are as follows:
SL. NO. | NAME OF THE BANK | CERTIFICATE NO. | FACE VALUE | DATE OF INV. | DATE OF MAT. | RATE OF INTT | MATURITY VALUE |
1 | BCCB Ltd. | 790 | 100.00 | 02/06/1960 |
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2 | UBI Parbelia Branch | 0712100450287 | 727551.16 | 19/03/2018 | 19/03/2023 | 6.00% | 979905.94 |
3 | UBI Parbelia Branch | 0712100463768 | 1428074.25 | 25/03/2018 | 25/03/2023 | 6.00% | 1923408.95 |
4 | Bank of India, Neamatpur Branch | 423245110003611 | 1476250.36 | 05/12/2017 | 05/12/2022 | 6.25% | 2012925.36 |
5 | BCCB Ltd. | 15502/9141/1 | 1000000.00 | 22/02/2019 | 22/11/2021 | 6.50% | 1194005.00 |
6 | BCCB Ltd. | 15502/9143/1 | 1000000.00 | 25/03/2019 | 25/12/2021 | 6.50% | 1194005.00 |
7 | BCCB Ltd. | 15502/9144/1 | 1000000.00 | 29/03/2019 | 29/12/2021 | 6.50% | 1194005.00 |
8 | BCCB Ltd. | 15502/9150/1 | 2000000.00 | 18/04/2019 | 18/01/2022 | 6.50% | 2388010.00 |
9 | BCCB Ltd. | 15502/9168/1 | 1000000.00 | 19/09/2019 | 19/06/2022 | 6.60% | 1197240.00 |
10 | BCCB Ltd. | 15502/9142/2 | 3098292.00 | 25/09/2019 | 25/06/2022 | 6.60% | 3709399.00 |
11 | BCCB Ltd. | 15502/9169/1 | 10000000.00 | 30/10/2019 | 30/07/2022 | 6.60% | 11972400.00 |
TOTAL | 22730267.77 |
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| 27765304.25 | ||
As per the guideline of the Reserve Bank of India, we have closed the Society’s OD Account No. 34400270662 lying with SBI, Sanctoria Branch, and also adjusted the entire OD amount by crediting the pre-mature amounts of the FD Accounts No. 34398258670 dated 14/11/2020 for Rs. 43,80,963/- and Account No. 38930908343 dated 18/11/2020 for Rs. 31,75,600/-. We have also closed the Current Account laying at Axis Bank, Kulti Branch.
SECURITY GUARD: As per our appeal ECL authority deployed one Private Security Guard for our Society from 1st October 2019 and that guard is regularly guarding the Society’s office every night. It has been also assured that one more guard will be provided for the day shift in the near future. We now have the opportunity to use our guards for official work.
OFFICE GENERATOR: Due to frequently abrupt power cutting from ECL management and due to existing generator getting old, staffs of the society had been facing tremendous problems to run the office work smoothly. Board purchased and fixes a 20 kVA Silent DG Set along with Manual Option from a branded company for uninterrupted power supply.
ANNUAL BUDGET: The provisional Budget for the financial year 2021 – 22 placed before the House for approval: –
ESTIMATED INCOME | Budget Amount for 2021-22 | ESTIMATED EXPENDITURE | Budget Amount for 2021-22 |
Intt. Received & Due | 96000000 | Interest on TF/GF & Dividend Payable | 57000000 |
Interest on Investment | 1100000 | Reserve, Bad Debt, Education Fund & Staff Welfare Fund | 7000000 |
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| Interest Against OD | 1260000 |
Admission Fees | 25000 | Interest against MT Loan of BCCB | 10000000 |
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| Staff Cost |
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A.T.M. Rent | 60000 | Salary | 4000000 |
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| P.F. Contribution | 500000 |
Sale of Forms | 15000 | Puja Bonus | 455000 |
| LTC/LLTC A/C | 30000 | |
| Quarterly Bonus | 250000 | |
|
| Gratuity LC Premium | 10000 |
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| Establishment Cost |
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| Bank Charges | 15000 | |
| Travelling Allowance | 50000 | |
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| AGM Expenses | 1200000 |
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| Computer Maintenance Charges | 100000 |
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| Donation | 20000 |
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| Postage | 1000 |
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| Repairing | 100000 |
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| Telephone Charges | 20000 |
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| Printing & Stationary | 200000 |
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| Office Maintenance | 40000 |
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| Entertainment | 25000 |
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| Fuel Charges | 20000 |
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| P.Tax (Society) | 2500 |
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| Meeting Expenses | 50000 |
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| Contingency | 20000 |
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| National Festival A/C | 5000 |
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| Tax Audit & Consultancy Charges | 55000 |
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| Insurance | 2500000 |
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| SMS Charges | 22000 |
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| Subscription & Education | 500 |
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| PM/CM Distress Relief Fund | 200000 |
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| Insurance Fund (for Members) | 3000000 |
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| Audit Fee (2019-2020) | 20000 |
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| Gratuity | 600000 |
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| Retirement Benefit Fund | 500000 |
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| Award for Academic Excellence | 500000 |
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| Intt. Rebate | 6000000 |
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| Depreciation | 250000 |
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| Estimated Net Profit | 1179000 |
Total Amount Rs. | 97200000 | Total Amount Rs. | 97200000 |
Taking charges on 8th April 2018 from the previous board after smooth election by the Cooperative Election Commission and the previous board, the present Board want to pay their full attention to give relief and satisfaction as much as possible to members in the coming five years. We have designated our objectives and to achieve the same your heartfelt co-operation needed. Consecutive last 6 (six) years our society has been classified as ‘AA’ category by Audit Classification and it should be continued by our sincere effort. Last of all I convey my thanks to my Delegates, Directors who are very much helping us to monitor our funds which are always lying in various unit of ECL and once again I giving thanks all the Directors, Delegates, ECL authority, Mr. Abhijit Ghosh, Inspector of Cooperative Societies & Auditor, Govt. of W.B., and those who are directly indirectly help us for Society’s activities. Before conclude my report I convey to my thanks to our staff concern for their sincere service and co-operation.
Date: 18th July 2021
Dishergarh. (Arun Kumar Sarkar)
Secretary.
Cash Account of the Society for the Period 01.04.2020 to 31.03.2021
RECEIPTS | AMOUNT | PAYMENTS | AMOUNT |
Share Collection | 30919300.00 | Share Refund | 8768820.00 |
Thrift Fund Collection | 85032782.00 | Thrift Fund Refund | 34340309.00 |
Guarantee Fund Collection | 30476800.00 | Guarantee Fund Refund | 11990890.00 |
Loan Realised from Members |
| Loan Issued to Members |
|
ST Loan | 31094221.00 | ST Loan | 24068200.00 |
MT Loan | 21979671.00 | MT Loan | 24654407.00 |
LT Loan | 24622684.00 | LT Loan | 39395000.00 |
Special Loan | 341028313.00 | Special Loan | 523661559.00 |
HBL | 259449.00 | B’ Class Share at BCCB | 4653200.00 |
Borrowings |
| Borrowings |
|
Advance Against Deposit (SBI) | 85863102.00 | Advance Against Deposit (SBI) | 91198007.00 |
Loan from BCCB | 95708000.00 | Loan from BCCB | 2645843.00 |
Emp. P.F. A/C | 1113599.36 | Investment of E.P.F. A/C | 1113599.36 |
Investment of F.D. | 7628935.00 | Sundry Creditor | 8647788.00 |
Sundry Creditor | 10753983.00 | Dividend Paid | 10760827.00 |
Building Fund A/C | 76100.00 | Audit Fees Paid | 16600.00 |
Excess Collection from ECL | 1258429.00 | Fixed Assets |
|
Recovery Suspense | 352220219.56 | Computer Access | 142000.00 |
Unpaid Dividend & Interest | 1673428.00 | Investment of Fixed Deposit | 490149.00 |
Withdrawn from EPF Investment | 884000.00 | Unpaid Dividend & Interest | 83578.00 |
Revenue Income |
| TDS Deposit | 27442.00 |
Interest Received A/C |
| Investment of Gratuity (LICI) | 500000.00 |
ST Loan | 2329330.00 | Excess Collection from ECL | 1439860.00 |
MT Loan | 2739393.00 | Co-op. Education Fund | 15000.00 |
LT Loan | 4044115.00 | Revenue Expenditure |
|
Special Loan | 65199416.00 | Interest Paid A/C |
|
HBL | 27447.00 | Intt Paid to BCCB on MT Loan | 1374021.00 |
T.D. | 517591.00 | Borrowings (Adv. Ag. TD) | 1025046.00 |
Admission Fees | 25900.00 | Guarantee Fund | 7494028.00 |
ATM Rent Received | 46000.00 | Thrift Fund | 22228116.00 |
Sale of Forms | 12450.00 | Staff Cost |
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Insurance Claim Received | 8090400.00 | Salary | 3860809.78 |
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| P.F. Contribution | 424110.00 |
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| Puja Bonus | 405000.00 |
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| LTC/LLTC A/C | 27370.00 |
|
| Quarterly Bonus | 242861.35 |
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| Gratuity LC Premium | 8371.00 |
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| Establishment Cost |
|
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| Bank Charges | 13833.84 |
|
| Travelling Allowance | 31210.00 |
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| AGM Expenses | 992040.00 |
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| Computer Maintenance Charges | 54681.00 |
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| Donation | 10587.00 |
|
| Postage | 83.00 |
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| Repairing | 72441.00 |
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| Telephone Charges | 19863.00 |
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| Printing & Stationary | 144775.00 |
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| Office Maintenance | 28715.00 |
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| Entertainment | 5361.00 |
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| Fuel Charges | 4800.00 |
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| P.Tax (Society) | 2500.00 |
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| Meeting Expenses | 55864.00 |
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| Contingency | 18073.00 |
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| National Festival A/C | 3606.00 |
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| Tax Audit & Consultancy Charges | 42100.00 |
|
| Insurance | 9003790.00 |
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| Award for Academic Excellence | 140855.00 |
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| Staff Provident Fund Paid | 884000.00 |
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| Recovery Suspense | 352284197.56 |
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| Intt. Rebate Paid | 4439825.00 |
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| Members’ Welfare Fund | 299000.00 |
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| Insurance Fund for Members | 3700000.00 |
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| Subscription & Education | 100.00 |
|
| Income Tax Appeal Fees | 1000.00 |
Opening Balance |
| Closing Balance |
|
Cash in Hand | 7893.00 | Cash in Hand | 12343.00 |
C.D. A/C BOI Neamatpur | 25082.67 | C.D. A/C BOI Neamatpur | 26753.35 |
C.D. A/C SBI Sanctoria | 210666.48 | C.D. A/C SBI Sanctoria | 7575575.94 |
C.D. A/C UCO Disergarh | 315505.84 | C.D. A/C UCO Disergarh | 98065.58 |
C.D. A/C SBI Asansol | 13567.33 | C.D. A/C SBI Asansol | 61089.33 |
C.D. A/C UBI Parbelia | 371363.46 | C.D. A/C UBI Parbelia | 88963.36 |
C.D. A/C Axis Bank Kulti | 28111.75 | C.D. A/C Axis Bank Kulti | 0.00 |
C.D. A/C BCCB Neamatpur | 8393.90 | C.D. A/C BCCB Neamatpur | 786739.90 |
| 1206605642.35 |
| 1206605642.35 |
(Arun Kumar Sarkar)
Secretary.
Society has donated Rs. 1 lakh to ‘Kerala Chief Minister Distress Relief Fund’ on 31.10.2018
