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Another one of those small small-loan financing institution is credit co-operative society. Some of the mammoth changes in the field of rural financing have been brought up by the credit-operative societies. The beckon of hope was put when the banks and the other institutions failed to get the proper financing system being advocated in the rural sectors. It was then the people who decided to help each other out and avail finances for each other and look out for each other.
The vision was successful and in the last decade of the Indian economy the credit co-operative societies have been in full swing. They have reached those corners and areas where even banks have been not been able to set up their foot. It is a good system under which people of the same background and trade come together and set up an institution to finance their businesses.
This is only possible because they have same trade and same economic background, and it is generally seen that credit-operative societies are such that members have something in common. It has been also observed that societies are reluctant to lend to members who do not belong to the same economic background or do not have same trade. It is an advantage for the societies as these societies consist of individuals who generally do not having too much money and they come together to share the burden if financing their capital and also being from the same trade or economic background they get a basic idea and knowledge about the person's capability, his financial capacity and other such things, in short they are able to see whether the particular would be able to pay-back the loan or not.
Thus. They are able to get a basic knowledge about the person's financial capacity because they don't have screening facilities and other resources available to banks and other institutions to get the knowledge about the person's financial capacity. However, we must see that the credit co-operative societies are among the bets financing institutions that are up and running in the country and providing financing to the rural sectors of India.
A multistate credit cooperative society registration is carried out at Delhi. The cooperative society with the mission not kept to one state and serving the interest of members in more than one state for social budgetary enhancement of its members through self-improvement and common aid as per the cooperative standards are recognized as multistate credit cooperative society. Multistate credit co-operative society registration is applied by the group of individuals to promote their economic and social betterment and to provide functional autonomy. A credit co-operative society can be of many types such as housing society registration, Agricultural society, Transport society etc.
Q1. What is a Credit Co-operative society?
Ans. A credit co-operative society is an independent group of people belonging to the same class, come together voluntarily to tend to they are common economic, social and cultural agendas and requirements through an enterprise which is jointly-owned and controlled democratically by such people.
Q2. What are the documents required for the registration of a Credit Co-operative society?
Ans. Following documents are required to your Credit Co-operative society registered: 1. Area of operation 2. Main objectives of Credit Co-operative society 3. Copy of pre-registration meetings resolution 4. A plan showing details explaining the working of credit co-operative society 5. A list of persons contributing to share capital
Q3. What are the advantages of a Credit Co-operative society?
Ans. Following are the advantages of a Credit Co-operative society: 1. Easy to form 2. Limited Liability 3. Economic operations 4. Economic operations
Q4. What are the disadvantages of a Credit Co-operative society?
Ans. Following are the disadvantages of a Credit Co-operative society: 1. Limited Funds 2.Over reliance on Governments Funds 3. Over reliance on government funds
Q5. What are the types of Multi State Credit Co-operative society?
Ans. Following are the types of Multi State Credit Co-operative society: 1. Credit Co-operative 2. Housing society registration 3. Agriculture 4. Marketing 5. Transport 6. Hospital
Q6. How much time does it take to register a Multi-State Credit Co-operative society?
Ans. As of now it takes 5-6 months to register a Co-operative society after the submission of required documents with the ministry.
Q7. What is the quorum for a general meeting in Co-operative society?
Ans. The quorum for any type of general meeting of Co-operative society is 1/5 th of the total number of ordinary members of the society.
Q8. Can a society give a loan?
Ans. No, a Multi-State Co-operative society is not allowed to make loans to its members on the security of shares or on the security of non-member. But a Multi-State Co-operative society may make a loan to a depositor on the security of his deposit.
Q9. Can a society borrow?
Ans. Yes, a society can borrow. It may receive deposits, raise loans and receive grants form external sources as per the by-laws of the society.
Q10. How are the funds of the society can be utilized?
Ans. No part of the funds other than the net profit shall be divided by way of bonus or dividend or in any other way be divided among the members.
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