Our Founder and Managing Director Mr. George Fernandes, resided at Mallapur from 1993 to 2007. Mallapur is a small village mostly comprising of illiterate and economically backward families.

The Central Government of India has set up Nuclear Power Plant at Kaiga, thus making Mallapur as 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.

The People of Mallapur and the surrounding area comprises of illiterate, poor, downtrodden and economically backward classes. They approach with some money lenders for their financial needs who were charging heavy rate of interest for their money lending. Observing pathetic condition of people, to change this scenario by helping needy poor people Mr. George S. Fernandes, thought of opening a credit society to provide financial need to such people with the easy mode of repayment. 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. On 17th September 2006, Milagres inaugurated its Third branch at Sirsi. Apart from this Services, Milagres introduced the Value Added Services like E-stamping services (issuing Bond papers), Cheque Clearance, 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 we named our Society as St. Milagres Credit Souhardha Co-operative Ltd., Karwar.

The Most Rt. Rev. Dr. Derek Fernandes, beloved Bishop of Karwar 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 motivated words. He has blessed our Milagres Co-operative to grow as a big mighty tree by opening branches everywhere in whole of Karnataka State and in other States as well.

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….