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Benefits of being a member of credit co-operative society

Benefits of being a member of credit co-operative society

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.

Enhancing female education in the country

Adarsh Credit Co-Operative Society’s initiative towards enhancing female education in the country

As the world is quickly moving towards digitization, it is necessary to upgrade the level of education and awareness in people , especially when it comes to rural regions of the country, digitization becomes very challenging for them. The dream of making India digital can be achieved only with the collaborative efforts.

We, at Adarsh Credit Co-Operative Society Ltd., understand this very well and we always try to spread the awareness among people regarding cashless transactions. With an aim to enhance the standard of rural education, we have taken a step forward. For the betterment of society, we have thought to have a school, especially for girls.

Even after maliciously dragged into the forged rumours and scandals, we managed to do our best for the betterment of the society. We, at Adarsh Credit Co-Operative Society Ltd., are very happy to announce that we have already taken a step forward towards fulfilling our dream of building Vidhyawadi – a school to educate girls. Our dream is gradually taking shape as its construction work has already begun. Our country is a developing country where female education is a sensitive and yet a significant topic and hence, we have taken this initiative in our hands.

We, at Adarsh Credit Co-Operative Society are looking forward to take more such initiatives in upcoming years and execute them in the favour of society’s welfare.

Adarsh Credit Co-Operative Society supports RBI’s move to open up unified payment interface (UPI)

Adarsh Credit Co-Operative Society supports RBI’s move to open up unified payment interface (UPI)

The Reserve Bank of India, on 20th March, announced a plan for making digital wallets inter-operable through UPI (Unified Payments Interface) platform. This is under the digitization program of the Government. According to some reports issued by the Reserve Bank of India, the guidelines for interoperability of the wallets and KYC (Know Your Customers) are yet to be prescribed.

What is Interoperability?

It lets you transfer direct money from one digital wallet to another digital wallet without the need of going through traditional banking. Adarsh Credit Co-Operative Society’s mobile application platform Adarsh Money has already tied up with a digital wallets such as Oxigen Wallet , Jio Money and Airtel money.

Inspite of some false allegations which are being spread about Adarsh Credit Co-Operative Society Ltd., we have always continued to serve the best interest to our members and such false accusations will never work and will not impact the loyalty of our members and advisors.

Adarsh Credit Co-operative Society reviews this move by the Reserve Bank of India as a much needed step to bring our country into a digital platform and to promote the Digital India campaign.

We, at Adarsh Credit Co-Operative Society Ltd always believe that the proposed RBI guidelines for opening for Unified Payment Interface would boost up the mobile banking, ecommerce transactions and online payments.

Ultimately, this will eliminate the requirement of using paper currency and will promote more cashless transactions and will lower the overall corruption rate in the country.

One of the most reliable co-operative societies in India

Adarsh Credit Co-operative Society – One of the most reliable co-operative societies in India

Adarsh Credit Co-operative Society Ltd. has always worked very hard and put in all the efforts to reach at the top position. All the technologies that we use are streamlined and help us to sustain and grow our current business. The modern technological adaptations have also helped us to come up with various new features and products that ultimately support our business development. This can be counted as one of the factors of Adarsh Credit Co-operative Society to become the most successful co-operative societies in India.

We, at Adarsh Credit Co-operative Society, have adopted the world’s most prominent technology and tools for core financial solutions and mobility solutions. This is how Adarsh Credit Co-operative Society has become successor in terms of reliability and sustainability among its members. Since we have started, we have been serving more members day in and day out. For this, we had to make sure that our systems work round the clock, which demanded increasing software and hardware costs which ultimately began to hurt our margins.

Without much strategic planning, we went through a phase of adding servers. We were running around several physical servers at our primary data center and around the same number at our secondary site. The lists of solutions were expanding and the server platform was getting bigger. We had to take steps as the costs were increasing day by day. As we were operating with very low margins, it was essential for us to keep the expenses as low as possible.

Later on, we turned into virtualization and were able to run more virtual machines on the physical servers with VMware, compared to our competition. From all our servers, around 95% are now visualized and we expect this figure to reach 100% soon. So after all; everything went good also from the cost perspective.

This is how, through infrastructure and technology, we have become successor in terms of growth and reliability.