What Exactly the Society does in India ?
Credit Co-op. Society in India has a big role to play in economical development of Low class and middle class peoples. Generally this societies are resisted under District registrar office of state with Registrar of co-op society.
Big Multi State Societies Once Registration process is completed, They appoint Agent for collection of deposit. Some society also start MLM System in Society for deposit collection. All Big Multi State society like Aadarsh credit co-op, Sahara Credit Society etc. appoint agents to collect the deposit.
After registration of society the big decision is to buy Best Software for society. Generally most of the Societies buy Vayak Software because this company has maximum experience in the field of society's computerisation in India.
All credit Society than starts Deposit schemes like Member, Saving Account, Compulsory Saving, Fix deposit (FD), Recurring Deposit (RD), Monthly Recurring (MR), Daily Deposit (DD), Pension schemes etc. After collecting money from depositors they start giving loans with name Housing Loan, Vehicle Loan, Gold Loan, Festival Loan, General Loan, Consumer Loan, Agriculture Loan etc. and decide the Loan EMI. This Societies give high return on deposits schemes and give loan at reasonable rate of interest as they have low running cost and every year declare Dividend for its members.
RBI and Nabard give heavy fund to all agriculture society to give loan for farmers at very low rate of interest. Employees Society generally starts for Welfare of their employees. This is a society registered for the staff of a company or a department of government. Examples of Employee Societies are as under Teachers co-op Credit society