About us

The Siemens Employees’ Multistate Co-operative Credit Society Limited was formed in 1961 at the behest of the unions and willing support from the company management with the main purpose of establishing a financial trust that will cater to two financial requirements of employees : to save money and to loan money in case of emergency. In those days of closed economy, it was difficult for individuals, especially staff and workers to get quick and easy loans.

On 29th July, 1961 the Credit Society was registered under the Maharashtra Co-operative Societies Act and on 07 June 2023 the Credit Society registered under MSCS Act 2002 ,Ministry of Cooperation,New Delhi. The area of Credit Society shall be confined to the states of Maharashtra and Goa. A permanent employee of siemens Ltd. and its alliances companies can become a shareholder by paying Rs.500/- a share. Needless to say, there was overwhelming support and participation from employees.

The Society is administered in line with the guidelines of the Multistate Co-operative Credit Societies Act 2002.Members of the Society elect the Managing Board, comprising a Chairman, Vice-Chairman, Secretary and treasurer. As per bye-laws of credit society, Siemens Management nominates a Senior Manager of the company, who is also a member of the Society for the Director of the Board and managing board co-opt the same for the president post.

As Siemens grew, membership of the Society kept pace and spread to Kalwa, Nashik and Aurangabad and Goa. Practically every Siemens office and union in Maharashtra and Goa was affiliated to the credit society.

Credit Society has computerised its functions largely due to the support from Siemens Ltd. & SISL managements.

Progress 0f last 5 years is as below: