Credit co-operative societies are not a new concept. It has been active in almost all the countries since many years now. A credit co-operative society is nothing but an autonomous organisation of people, voluntarily associated to fulfil their basic requirements and aspirations. These societies have their own benefits. Let’s quickly get on them:
1. Easy to form
Formation of a credit co-operative society is simpler than any other business organisations. Any ten or more adults can join together to form the society and even registration is simple and easy. Not much legal formalities are required to maintain for its formation.
2. No membership obstruction
Unless particularly debarred, the membership of such a society is open for everyone. There is no obstruction on the basis of colour, caste, creed, sex or religion. Any person can join the society anytime and become its member.
3. Limited liability
Mostly the liability of members is limited to the extent of capital contributed to the society by the respective members. This way, if the society suffers financial loss, the members don’t have to bear the fear of losing their private property.
4. Economic operations
In a credit co-operative society, there is an elimination of the middlemen which is why the operations carried out by the society are economical. At minimum cost, the middlemen’s services are provided by the members of the society. Also, the recurring and non recurring expenses are also very less.
5. The main motive of service
Members are provided with the best financial services at very reasonable cost.The society also caters financial help to its members at minimal rates. They help their members to set up their production units. For example, Credit Co-operative Societies help farmer members for their agricultural products.
6. Democratic management
Credit co-operative society is exclusively managed by elected members among themselves. All of them have equal rights in all manners and they can also take part actively in the formation or amendments of the society’s policies. This way, all the members are equally important to the credit co-operative society.
Adarsh Credit Co-Operative Society is one of the most recognizable and most trusted credit co-operative societies in India. Our society caters to all these benefits along with extra perks of having secure financial products and great return on investments.
So join Adarsh Credit Co-Operative Society today and become its member.