In 1987 it resolved to convert itself into a multi-purpose society and was hitherto registered and known under The Central Electricity Board Staff Multi-Purpose Co-operative Credit Union Limited. The membership which is opened to the staff employees of the Central Electricity Board and pensioners, their widows, widowers and relatives, as well as the employees of the Society stands at 1445 as at today. At its inception the number of members on roll was only 634. It should be said that the whole history of the CEBSMCCU started at a time when loan facilities were scarce and the lending rate of interest imposed by the banking institutions was very high. The rate was not less than 16 p.a. and was coupled with time consuming procedures and tight conditions. It was against that background the society took birth. Its aim was and is still mainly to provide loans diligently to our members with no procedural hassle at all and at very reasonable rate. The start was difficult due to lack of funds. However, with the help of some well-wishers, some pensioners and other active members, the society began its operation. On the basis of what the society has achieved over the years, we are proud to state that its history is a success. Figures show the remarkable growth over the years concerning loan to members, statutory reserves, investments and shares capital. It is to be noted moreover that the loan entitlements are revisited regularly. The dividend payable has always been very favourable. Interest free education loans for the payment of examination fees for School Certificate and Higher School Certificate examinations also form part of loans provided.
