Co-ops are not deposit taking set-ups: NAFCUB In a letter written to the Finance Ministry and signed by Chief executive of NAFCUB, Subhas Gupta the apex body of urban cooperative banks has strongly condemned the efforts to choke credit cooperatives in the country. In a mail sent to Ministry well within the stipulated time NAFCUB … Read More →
How does the Society utilize the funds/deposits collected by it? The Society uses the funds in lending to the members and investments as per the Co-operatives society Act/Rules/By-Laws. Society’s lending is in the shape of small loans for business or personal use. Are the Deposits with the Society safe & secured? Government of India has … Read More →
An application for registration of a Multi-State Cooperative society shall be made in the prescribed form (Form 1 and Form 2) http://mscs.dac.gov.in/ The application shall be signed by:- In the case of a multi-state Cooperative society of which all the members are individuals, by at least fifty persons from each of the states concerned. In … Read More →
Broad differences between a co-operative and a company are as follows: S. No Item Cooperative Society Company 1 Object Interest of members and community Self interest either of management or the share holders 2 Number of members Minimum number of members should be 50 for a multi state cooperative society from each state in case … Read More →