Ranipet cooperative credit societies issue dividends

RANIPET: Two primary agricultural cooperative credit societies (PACCS) handing out dividends to their farmer members in Ranipet district has led to demands for similar monetary gesture by societies in Vellore and Tirupattur districts.

According to sources, Siruvalayam PACS in Ranipet district’s Nemili taluk alone distributed Rs 28.11 lakh as dividend to 4,577 members for 2005-06 to 2014-15 period.

“The dividends were distributed following instructions from the PACCS board of directors, who were responding to farmer members’ demands as to when the amount will be disbursed,” said Siruvalayam farmer NS Gnanaprakasam.

R Venketesan, another PACCS member, said, “though we are happy that the dividends were distributed for a 10-year period, we are yet to get the same for the remaining seven years.”

Vellore Central Cooperative Bank (VCCB) chairman V Ramu said, “PACCS operating on profit for the current year might have released the dividends. However, those running with accumulated losses cannot afford to do so.”

Of the 185 PACCS in integrated Vellore district, 69 PACCS recorded profit to the tune of Rs 9.1 crore as of June 30 this year.

Another 68 PACCS operated with accumulated losses amounting to Rs 156 crore, while 48 PACCS earned a profit of Rs 21.17 crore in the current year, despite registering an accumulated loss of Rs 36.41 crore, Ramu added.