About St.Milagres

Credit Souhardha Co-Op Ltd., Karwar

Our History

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.

By the encouragement of members, the Board of Director’s of Milagres opened its branch and Head Office at Karwar on 15th May 2005. Apart from the main functions of accumulating Deposit and landing Loan, Milagres introduced the Value Added Services like E-stamping services (issuing Bond papers), RTGS/NEFT, Money Transfer Services etc. Milagres Co-operative Society gained huge popularity through its Value Added Services. There was no looking back from here on. In the year 2007, our Society was registered under the Karnataka Sahakari Souhardha Act, 1997 and thereafter it was renamed our Society as St. Milagres Credit Souhardha Co-operative Ltd., Karwar.

Rt. Rev. Dr. Derek Fernandes, beloved Bishop of Karwar and Belgaum Diocese has always been supportive by blessing and inaugurating most of our Branches. In his various inaugural speeches, he has been kind enough to encourage us with his encouraging words. He has blessed our Milagres Co-operative to grow gigantically .Today, as on date,Milagres stands as a tall mighty tree with its 111 branches spread out in 9 districts of Karnataka state. Our 1,90,214 members are our earned customers which is result of our hard work and dedicated customer service

Apart from his Lordship, there are few other names who initially supported and encouraged for the progress and development of Milagres. Following are few to name :

  • Msgr. Simon Tellis
  • Fr. Antony Lopes
  • Fr. Antony Dias
  • Fr. Clifford Ferrnandes
  • Fr. Paul Sequeirea
  • Fr. Bonaventure Rodrigues
  • Mr. Chinnapa Gowda
  • Mr. S.K. Pawar
  • Mr. N.B. Naik
  • Late Mr. Kushali Bandekar
  • Mr. Pradeep Shetty
  • Mr. B. Wilson
  • Mr. Martin D’Souza
  • Mr. Alexander Pinto

and many more..