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Sub No.8:– Reduction of Rate of Interest on Secured Loans and Addl. HBL from
existing 11% to 10%

File No.EB4/1/TTD ECCS/2022

The TTD Employees Coop. Credit Society Ltd., Tirupati is providing secured
Loans, Addl. House Building Loans and Emergency Loans to its members. For the past
several decades, the rate of interest on loans was charged @ 12% per annum.
Thereupon, Managing Committee placed necessary proposals for reduction of rate of
interest from 12% to 11% before the General Body of the society, wherein the General
Body approved for the proposal vide Res.No.6, dt.1.11.2021 and subsequently, the
Cooperative Department had also amended the byelaws of our society suitably.

While so, the original byelaws of the society was found missing and the affairs of
the society were as per provisional byelaws supplied by the Cooperative Department in
the year 2018. Thereupon, our society had submitted proposals for registration of
comprehensive byelaws prepared afresh, with the approval of the General Body. The
Cooperative Department had registered en-bloc amendments of Byelaws of TTD
Employees Coop. Credit Society Ltd., Tirupati in July-2023 (registration of latest byelaws
of the society) vide Rc.No.626/2023.D1, dt.4.7.2023 of the District Cooperative Officer,
Tirupati and the same was communicated to our society by the Divisional Cooperative
Officer, Tirupati vide Endt.Rc.No.738/23.C2, dt.6.7.2023.

In pursuance of Byelaw No.36 of above byelaws, interest on loans granted by the
society shall for the present charged at the rate as decided by the Managing Committee
from time to time. In pursuance of provision in byelaws, the Managing Committee vide
Res.No.620, dt.7.7.2023 resolved to continue the rate of interest @ 11% p.a. As per
byelaw No.52(a), out of 11% of interest amount charged on loans from members, the
society will utilize 10% of interest in business of the society and the remaining 1% of
interest amount shall be credited to Members Welfare Fund.

Following is the net profits of the society for the past seven years.

SNo Year Net Profits
1 2016-2017 3,40,23,790.28

2 2017-2018 4,09,49,489.36
3 2018-2019 4,57,58,067.92
4 2019-2020 5,06,21,179.59

5 2020-2021 6,66,22,617.24
6 2021-2022 7,40,11,718.60
7 2022-2023 6,84,73,645.76

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