Wednesday, January 4, 2017

Mutual benefit

We have seen a couple of institutions similar to The Triplicane Permanent Fund Limited earlier - in Mylapore and in Purasawalkam. Those are much older; in fact, the TPFL is still in its 'nervous nineties', having been set up only in 1926. It is not even the oldest in Triplicane; that place would probably go to the SMSO Permanent Nidhi Ltd, which is in its 136th year. And that is much bigger in terms of its book size as well.

The TPFL is a very modest institution - its business volume would have been less than Rs.100 crores in the last year. Though it has only six branches, they are well distributed across the city; and hopefully, they would cover all the existing members of the fund. Intra-city migration would have seen a large number of Triplicane-ites moving to other parts of Chennai, but will continue to remain members of this mutual-benefit society.

And that is also the reason why this firm, despite being headquartered in Triplicane, does not have anyone from that locality in its management team!

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