Udupi: Parivaar Credit Co-operative Society Ltd, which began its journey in 2000, is celebrating its silver jubilee alongside a major milestone in its growth — the inauguration of its own head office building at Ashraya Towers in Jodukatte, Udupi. The new premises mark an important step in the institution’s development as it completes 25 years of service to its members.
The society, which was initially established as Shivapadi Credit Co-operative Society Ltd, faced serious financial difficulties in its early years. With a change in management and renewed leadership, it gradually overcame the challenges and developed into a cooperative institution with around 2,000 members, deposits of approximately Rs 50 crore and annual business turnover of around Rs 125 crore.
The management has described the new head office as the fulfilment of a long-standing ambition, made possible by the efforts of successive management teams and the continued support of members.
From financial difficulties to institutional growth
Parivaar Credit Co-operative Society began operations in 2000 under the name Shivapadi Credit Co-operative Society Ltd. During its initial years, the institution encountered severe financial difficulties, making a change in its management structure necessary to sustain its operations.
The formation of a new management board marked a turning point. Under the guidance of senior Pejawar seer Sri Vishwesha Tirtha Swamiji and senior co-operator Shambhu Shetty, former Udupi MLA K. Raghupathi Bhat took responsibility as the society’s president.
Under Bhat’s leadership, the institution was renamed Parivaar Credit Co-operative Society Ltd. The management focused on rebuilding the institution and strengthening its operations, gradually establishing a more stable financial footing.
The transformation from an institution facing financial challenges to one reporting sustained profits has been a defining part of the society’s 25-year journey. Its progress also reflects the importance of member confidence and management continuity in the development of cooperative institutions.
Around 2,000 members and Rs 125 crore turnover
The society has expanded its operations over the years and currently has approximately 2,000 members. According to information shared by the management, it has mobilised deposits worth around Rs 50 crore and recorded annual business turnover of approximately Rs 125 crore.
The management also stated that the society has been earning profits and distributing a 12% dividend to members every year.
The institution has placed emphasis on safeguarding members’ financial interests and maintaining their trust. In a cooperative society, members play a central role in its functioning, making confidence in its management and financial practices particularly important.
The reported growth in membership, deposits and business turnover represents a significant development from the difficulties the society encountered in its early years.
The management believes that the new head office will provide a stronger foundation for the institution’s next phase of growth.
Own head office fulfils long-standing ambition
The establishment of a head office in its own building at Ashraya Towers in Jodukatte is a major milestone for Parivaar Credit Co-operative Society.
According to the management, securing a dedicated premises has been a long-standing objective. The achievement reflects years of effort and the support of members, along with the vision and direction of the management board.
The new premises are expected to support the society’s administrative operations and help it improve services for members. Having its own head office also marks a new stage in the institution’s organisational development as it enters its next phase after completing 25 years.
The inauguration is particularly significant because it coincides with the silver jubilee celebrations. The management sees the occasion as an opportunity to acknowledge the people who contributed to the society’s development and to look ahead to its future.
Inauguration scheduled for October 24
The inauguration ceremony of the new head office will be held on Saturday, October 24, 2026, at 4.30 pm at Ashraya Towers in Jodukatte, Udupi.
Sri Vidyasagara Tirtha Sripadaru of Udupi Krishnapura Math will deliver the blessings during the programme. Society president K. Raghupathi Bhat will preside over the event, while senior co-operator Shambhu Shetty will light the ceremonial lamp.
Co-operators and other dignitaries are expected to participate in the ceremony, which will mark both the inauguration of the new premises and the society’s 25-year journey.
The event will provide an opportunity for members, management representatives and well-wishers to celebrate the institution’s progress and recognise the contribution of those associated with its development.
Management highlights the role of members
At the press conference announcing the milestone, society president K. Raghupathi Bhat was accompanied by directors Suresh Prabhu, Ganesh Kumar and Avinash, along with chief executive officer Ranjitha Praveen.
The management highlighted the importance of member support and collective effort in bringing the institution to its present position.
The society’s journey from financial difficulties to reporting annual turnover of around Rs 125 crore provides the backdrop to its silver jubilee celebrations. The opening of its own head office represents a tangible milestone in that progress.
As Parivaar Credit Co-operative Society completes 25 years, the management hopes the new premises will help strengthen its operations, support further growth and enable it to continue serving its members.