CREDIT CO-OPERATIVE SOCIETY

Credit Co-Operative Society

A Co-operative society means society, which has its objectives to promote, encourage the economic interest and to serve all its member customers for better and secured economic growth through inculcate banking habits.

The main objective of Credit Cooperative Society is very simple - to become a reliable source of financial support, to people with varied needs. The services aim to financially empower people, in both, the near future and the long run.

The society mobilizes Deposits in the form of small savings from household and other segments of people and giving them attractive returns on their investments. The Society deploys its funds through lending among its members.

Every Credit Cooperative Society managed by ‘Board of Directors’, who are elected by the members of the society in the Annual General Meeting and the Board of Directors take decisions unanimously with total transparency. The Department of Co-operative of the Central /State Government constantly reviews the functioning of the society at regular intervals.

Entire Power lies on “BYE LAWS” of the society under the stringent vigil of Principal Officer, who is ultimately responsible for Compliances. Books of accounts of society are subject matter of Statutory Audit and the Audited Accounts are submitted to the Central/state Govt. for review periodically.

Core Management Team should be highly professional and balanced combination of Fund management & Business generation to ensure Steady Earnings post stabilization period.

1. Govt supportive policy to boost-up economy

2. New credit policy to ease off the processes

3. High demand of short to medium term borrowing

4. Higher interest rate on lending

5. Reduced management and operational expenses

6. Minor Competitions

7. Digital business management, procurement, loaning and marketing

8. Great difference between Lending rate and Procurement expenses

9. Higher profit margin creates strong assets to meet up the unforeseen situations

10. Agents and their clients are in search of safe and hassles free investment destination

1. Sanchalan Mandal details i.e. 11 members out of 21 members with their designation, qualification.

2. Aadhar and Voter id of all members.

3. Two passport size photo of all members

4. Caste of all members.

5. Nominee of all member and relationship with nominee.

6. DOB and caste of nominee.

7. Rent agreement of registered office.

8. Bylaws.

9. Signature of all members

10. Five Years Business Projection

11. Different types of manual formats to be completed and submitted

12. Objectives of society

The Prime objective to initiate Finance (direct lending) activities among the members of the society, as this system provides a handsome net return of 25-37% PA, and tax free relaxation under section 80 P of IT Act as per current Income tax act.

The average loan ticket size used to be Rs 100,000/ initial few months and backed by security of tangible assets like Gold, Property, Fixed Deposits, Vehicle and Intangible Assets like backed by either by existing members of the society and/or Group (SHG) are among few of them or group member’s personal guaranty. Small tickets size loans always provide easy penetration and least delinquency.