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What is Marooti Fin Credit Co-Operative Society?
Marooti Fin Credit Co-Operative Society financial institution formed under the laws, which do banking business among its members. Rajkot Co-operative Society is registered under the 1962 Gujarat Act-10 and 1961 Gujarat Co-operative Society Act-9, regulated by the government with its registration RJT:Se-44984 Dt. : 17/03/2017, fully ahead to Government of Gujarat.
Functions of Marooti Fin Credit Co-Operative Society.
Marooti Fin Credit Co-Operative Society is run by the Board of Governors and the task of planning and policy formulation lies in the authority of the Board of Governors. Society and its various deposit schemes by the common man's endeavor for economic development.
Different schemes of Marooti Fin Credit Co-Operative Society.
Marooti Fin Credit Co-Operative Society is driven various types of plans in terms of deposits like Fixed Deposit (F.D.), Recurring Deposit (R.D.), Monthly Income Plan, Marooti Child Plan, Marooti Pension Plan, Daily plan, etc.
Using the deposits of Marooti Fin Credit Co-Operative Society
Marooti Fin Credit Co-Operative Society funds received as deposits at the lender uses. Marooti Fin Credit Co-Operative Society members are among the banking business.
Security of the deposits in Marooti Fin Credit Co-Operative Society.
The government has set up law for the Security of the deposit in Marooti Fin Credit Co-Operative Society to which the cradle is legally necessary. Marooti Fin Credit Co-Operative Society Ltd. is fully complied with capital adequacy norms set by the government. Society is fully comply by the Reserve Bank of India's KYC policies.
Marooti Fin Credit Co-Operative Society benefits the Depositor (Investor).
According to current tax law, interest earned on deposits currently not cut T.D.S. Premature paid on deposits and loans are available as per rules.
Investment in Marooti Fin Credit Co-Operative Society.
Any adult person in society, Hindu undivided family, company, partnership firm, trust, institution, etc. is a member of the Marooti Fin Credit Co-Operative Society Ltd., can invest in the deposit schemes.
How to be a member of Marooti Fin Credit Co-Operative Society.
To become a member of Marooti Fin Credit Co-Operative Society by paying the amount of Rs 10 membership fee and Rs 100 can be applied for membership in the firm.
Eligibility to Become a Member
Any persons who is 18 years of age and is capable of entering in a valid contract, a company registered under companies act, Any Other Co-Operative persons who is 18 years of age and is capable of entering in a valid contract, a company registered under companies act, Any Other Co-Operative Organization can become the member of The Marooti Fin credit co-operative society ltd.
The meaning of 'credit' in cooperative society is that there can be money transactions only. Other than this, the societies have no rights of investments. Under the rules of Co operative Department of Indian Government, societies can receive the funds from members under different deposit schemes. This fund so received can only be invested amongst the members of the society as loan. Therefore, the credit co operative society can perform activities in banking field only and no other field for them to perform.
The principal of cooperative is "ONE FOR ALL AND ALL FOR ONE". The working of group with this sprit is the base of economic development of the society. Interest of a person to have only loan from the society is one sided feeling but he has to gain profits and share the responsibilities of the groups as well. The member of the society assists the society and society extends the assistance to members in turn. The Co operative Department of Indian Government creates co operative societies with an aim so as to make true the dream of co operative and the members can progress economically.
The Government has initiated, sustained and refined many programs since independence to help the poor to attain economic self sufficiency. Economic development through cooperative societies was one of the most important and successful scheme. This was the time when the CREDIT CO OPERATIVE SOCIETIES CAME INTO EXISTENCE. The co operative societies were created and registered by the government at village level.
Group of 100 members used to collect a sum of money equally and kept it on a predetermined rate of interest with the group. One of the members of the group used to use that money at the time of emergency and return it with predefined interest within the stipulated time period. The interest so received used to be distributed equally amongst the members of the group. Like this, the group used to earn profit and the members were having economic growth. This is the definition of the society/group.