A unique feature of The People’s Mutually Aided Cooperative Credit Society Limited, Hyderabad, which celebrated the commencement of its silver jubilee year on January 29, 2025, is that one percent of profits of the Society are earmarked for a "Common good fund” from which donations are made to deserving charitable organizations. Some of the institutions that benefit from this largesse are Secunderabad’s B. R. J. C. Parsi High School, the Zoroastrian Stree Mandal of Secunderabad-Hyderabad as well as the F. S. Parukh Dharamshalla and Frohar Foundation in Bombay, notes a write-up sent to Parsiana by Kerfegar Antia, vice chairman and managing director of the Society.
Top, seated from l: K. Mehta, Khushroo Toorkey, Kerfegar Antia with staff in Hyderabad;
above: Aptronix owner felicitated by Toorkey as Shayan (center) and Jehangir Bisney look on
Established on January 29, 2001 by retired officials of the Bank of India, the Cooperative Credit Society was formed so that senior citizens could receive reasonable returns on their deposits at a time when bank interests had gone down drastically, notes the write-up. In addition to Antia, Khushroo Toorkey is chairman, while Percy Daver and Lim Banaji are the other two Parsi directors on the Society’s eight-member board of directors.
Since its inception the Society has been paying dividends and interest on the capital share to its members. As on December 31, 2024 there were 2,764 members, around 70% of whom are senior citizens. A sizeable number of Parsi Zoroastrians from the twin cities of Hyderabad and Secunderabad are members of the Society. Interest is paid monthly, quarterly or compounded on maturity, as per the depositors’ instructions. The Society offers various other banking facilities as well, including safe deposit lockers.