St Milagres Credit Souhardha Co-Op

Our Founder and Managing Director Mr. George Fernandes, resided at Mallapur from 1993 to 2007. During that period (i.e.) in early 90’s Mallapur was a small village. The Central Government of India’s massive project of Nuclear Power Plant at Kaiga, gave a golden opportunity to Mallapur for being a residential township for their employees. Besides this Karnataka Power Corporation’s Electricity generating station is also situated at Kadra which is within the radius of 5 Kilometers from Mallapur. As a result the villages Kaiga and Kadra became well known in our country. Geographically it was observed that the surrounding area of Kaiga and Kadra comprised of illiterate who were an economically backward class people. To meet their financial needs they were dependent on scrupulous money lenders who were charging heavy rate of interest for the hand loans given to these people. Observing this pathetic condition of general public an idea struck to Shri.George Fernandes. The main aim was to change this scenario and help the needy and poor people by providing financial meet with easy mode of repayment. Hence the idea of opening of credit society germinated in his mind. He took leadership (initiation) to register the society. Thus, the St. Milagres Credit Co-operative Society took birth on 14th September 2003.