Unemployed youths write a success story in Osmanabad

Osmanabad, Maharashtra, Mar 5 (UNI) A group of unemployed youths, together since childhood, has set an ideal example of economic development in this economically backward town by setting up a co-operative credit society, a super market and a multi services under the banner 'Pragati Group.' Total deposits of Rs 3.5 crore and loans of Rs three crore of their credit society and average monthly sales of their supermarket to the tune of Rs five lakh speaks well of such an initiative, which they launched a few years ago.

Their success story began when eight of them got together to launch a social forum called 'Lokprabhodhini' (Public Awareness) in 1993, soon after completing their graduation from Ramkrishna Paramhans College of Osmanabad. The youths were involved in various social activities through the Nehru Yuva Kendra for quite some time.

Their coming together for a social cause, gave them the idea of opening a co-operative credit society when they interacted with the Assistant Registrar Co-operatives S R Naikwadi, recalls Prashant Patil, Chairman of the Pragati Sahakari Patsanstha Ltd (Pragati Co-operative Credit Society).

They launched the credit society in the Osmanabad tehsil on February 27, 2003, with a minimum collection per head of Rs 200-250.

Today, the share capital of the society stands at Rs five lakh with a total deposit reaching to the tune of Rs 3.5 crore and loans as on date of Rs three crore disbursed to the needy.

''We are successfully running the society because we follow the rules we have made on our own by restricting loans to the directors and limiting the maximum loan amount to Rs 35,000 to an individual. The majority of our loans sanctioning is in the range of Rs 5,000, 10,000 and 15,000. We disburse loans to the needy farmers, traders, individuals and follow up for the repayment and there is no single case of defaulter in the last three years,'' Prashant Patil, Chairman of the society and the leader of the youth group said.

They claim their society is different from other traditional co-operative credit socities' run by directors for their own means.

It was proved to be a successful tool in the tehsils, and has discouraged private moneylenders from exploiting farmers, Sudhakar Kulkarni, secretary of Pragati Credit Society said.

Their success led them to start a super market.

''It was actually our dream to launch a full fledged super market since 1994 when we came together for a social cause,'' Mr Patil told UNI.

They collected deposits of Rs one lakh each and opened Pragati supermarket, offering kirana, general, garment material under one roof from Anandnagar locality of the city from October 21, last year, a few days ahead of Diwali.

''Since the opening was little head of the festival, our beginning was very good,'' Mr Patil remarked.

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