It is a people's cooperative in a true sense. It was established in 2002. Some 20 odd person pooled their money and set the ball rolling. It is registered under the Multi State Cooperative Societies Act, 2002 of Government of India. Its unique feature is that it is completely interest free micro-finance institution.
The main objective is to fight poverty through cooperation.
To defeat the business of interest based, cruel system of money-lending which is eroding the productive capacity of micro entrepreneurs.
To finance such enterprises that create self-sustainable economic system and helps in reducing poverty.
To provide all kind of social benefits to its members in order to enhance the lives of their members.
The society is managed by the Board consisting 21 members. The term of the Board is 5 years. The Board is elected by the general body in Annual General Meeting.
The Board appoints Chief Executive of the Society. There are other staff like Accountants and Daily deposit collectors. All of them play their respective role in the development of society.
The Board has a Chairperson and a Vice chairperson. The chief executive is the ex ? official member.
Each member has to purchase shares in the Society. Each share is of Rs 10 and minimum ten shares are required to be purchased initially by a member. An admission fee of Rs.25 and a donation of Rs. 15 are also mandatory for the person to become member of our Society.
There are various kinds of deposits in our Society. Only members can deposit money in the Society.