Credit Co-Operative Societies in India

    Multi state co-op soc software
  • Multi state co-op society

Different Types of Co-Operative Societies

Co-operative societies may be classified into different categories based on the objectives, purposes and nature of activities performed by them. When some co-operative units are formed for achievement of specific economic objectives, others are formed either with the purpose of social development of the members or to help consumers, small farmers or small producers, Based on that some main type of cooperative societies are as under:

Credit Society :

This type of society are mostly developed in Urban areas. In this anybody who is staying in the permissible area of society can become member of society. They collect deposit from the members and give Loan to the needy member. The purpose to develop the society are different in the different societies. Many Societies are developed on the base of Social Welfare, Political interest, Cast, Religion etc..

Employees Society :

To help the Employee in the base of co-operation Employee and Staff Welfare credit society developed in all over India. Most of the Government Departments, Private & Ltd. Companies etc. having Emp. Credit society. In this Emp. Societies only the employee of the respected organization can became member & purchase share of society. After that Member deposit the money in the society by the way of Comp. Saving, Recurring, Fix Deposit etc. and after that the member who has the requirement of money can take Loan from the society. Societies are not working on the aim of Profit, so the rate of interest is very less for Loan. By this way Societies are working very Smoothly. The recovery of Emp. Societies are 100% because Society send the recovery sheet to the account department that how much amount should be deduct for Society from the salary of Employee ? and when Account department do the salary among those they first deduct the society's demand & than do the salary , so no chance of delay in recovery. Also, if person expire or his salary is not enough than in that case from provident fund first society's amount is deducted so no recovery problem in society.

Packs ( Agriculture Society ) :

This type of Societies are developed in the rural area in Villages. Anybody who is the land holder in the village can become member of the society. Society gives them Loan for fertilizers, Seeds & Crop on the bases of their Land.

Milk Society :

This type of Society working in the villages. They collect the milk as per fat from the members & give it to the big milk dairy. A common person if gives their milk to the Businessman than can't get proper rates, But due to Milk Society they get appropriate rates for their milk.

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