Mohan Kuthar

Daijiworld Media Network - Mangaluru

Mangaluru, Aug. 24 – In a significant boost for auto drivers and the working class, the Mangalore Autorickshaw and Car Owners' Cooperative Society (MACO) inaugurated its new branch at the bustling Thokkottu market in Ullal on Saturday. The cooperative, founded in 1975 by Fr Fred V Pereira to support marginalised drivers, marks 50 years of impactful service with this expansion.

Recognised as Mangaluru’s first cooperative society, MACO has played a vital role in uplifting economically weaker sections. Now, with its new Tokkottu-Permannur branch, it aims to serve local drivers with financial aid and reliable banking services.

 Speaking at the inauguration, MLC and society president Ivan D’Souza said, “MACO has been the backbone for thousands of drivers. This new branch strengthens that support.”

What sets MACO apart is its unique offering: loans not just for purchasing vehicles, but also for repairing them—a rare facility in the cooperative banking sector. “We were the first to introduce such schemes for auto drivers,” said secretary Pramod Vaz. “MACO remains the only cooperative that truly understands their needs,” he added.

The event was blessed by Fr Cyprian Pinto, parish priest of St. Sebastian Church, Permannur, who expressed hope that MACO would continue expanding its outreach. 

Manjappa Karnavar, chief priest of Shri Cheerumba Bhagavathi Temple, Ullal, praised the bank's role in driver empowerment and urged the local community to support it. Key figures in attendance included vice president Cyril D’Souza, social worker Cyril Robert D’Souza, and directors from various sectors.

MACO’s new branch will offer loans for gold, new auto-rickshaws, two-wheelers, cars (up to Rs 10 lac), tempos, as well as mortgage-based loans and LIC policy-backed loans. Fixed deposit schemes offer attractive interest rates ranging from 5% to 9%, with an additional 0.5% for senior citizens.

Notably, MACO also operates a high-performing petrol pump at Balmath, known for its quality service and trust built over decades—so much so that old-time mechanics would recommend it to customers seeking better mileage from vehicles like Lambretta, Vijay Super, Yamaha, and Rajdoot.

From vehicle financing to transparent cooperative banking, MACO’s 50-year legacy continues to evolve, now with a stronger foothold in Tokkottu—bringing financial empowerment closer to those who need it most.