ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

Co-operative Society
Meaning:
Co-operation means working together to accomplish the common goal through cooperative principles.

Co-operation is much older than the mankind. Formation of social groups in outcome of reflective co-operation, while the life of the ants, bees, wincer, etc, provides the best examples of initiative co-operation, Right from the hunting age up to the present ager the progress and development of human being in all spheres, social, economics, religions and political is marked by a sense of thinking working together. In India throughout the ages of people and the communities worked together on an informal co-operate basis with regard to their religions, social, economic and cultural life. The word Co-operation is derived from the Latin word Co-operari mean to to work. In other words co-operation means to work together to achieve common purpose. Co-operation promoter voluntarily association of individual having common needs to combine towards the achievements of common economic needs. If is recognized as a sector of business enterprise quite distinct from public sector or private sector.

ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

Definition of co-operation

A cooperative society is essentially an association of person who join together on a voluntary basis for the furtherance of their common economic interests. According to C.R. Fay: From socio-economic point of view describes Cooperation is an association for the purpose of joint trading, organizing, among the weak and conducts always in an unselfish spirit, on such term that all who are prepared to assume the duties of members proposition to the degree in which they make use of their association. According to Mr. Talmaki, he defined it as An association of the weak, who gather together for common economic need and try to, if themselves and others out of weakness into strength through business organization conducted for the common benefit of all who join it.

The Indian Cooperative Societies Act, 1912 - Section 4 of this Act defines cooperatives "as a society which has its objectives the promotion of economic interest, its members in accordance with cooperative principles." Cooperative Society is that society which has been registered under the Cooperative Societies Act, 1912, or under any other law for the time being in force in any state registration of cooperative society."

ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

Characteristics of Co-operative Society

1. Voluntary association: Everybody having a common interest is free to join cooperative society. There is no restriction on the basis of caste, creed, religion, color, etc. Anybody can also leave it at any time after giving due notice to the society. That is specialty of any cooperative society. There should be minimum of 10 members to for cooperative society but there is no maximum limit for the membership. 2. Separate legal entity: A cooperative society after registration is recognized as separate legal entity by law. It acquires an identity quite distinct and independent of its member can purchase, dispose its own assets, can sue and also can be sued. The income of cooperative society is legally taxable as per the Income Tax Act, 1961. 3. Democratic management: Equalities are the essence of cooperative enterprises, governed by democratic principles. Every member has got equal right over the function management of that society. As such each member has only single voting right irrespective of the number of shares held or capital contributed by them. In case of cooperative society, no member detects the terms and conditions of the functioning because "one man one vote" is the thumb rule. 4. Service motive: The main objective being formation of any cooperative society is for mutual benefit through self-help and collective effort. Profit is not at all in the agenda of the cooperative society. But if members so like, they can take up
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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

any activities of their choice to generate surplus in order to meet the day-today expenses. 5. Utilization of surplus: The surplus arising from the operation of business is partly kept in a separate reserve and partly distributed as dividend among the members. According to Indian Cooperative Societies Act - 1912, each society must transfer at least one-fourth of its profits to general reserve. 6. Cash trading: One exception in the cooperative society is that like other business if never go for credit sales. It sells the goods on the basis of cash only. Hence, the cooperative society hardly comes across with the financial hardship because of non-collection of sales dues. Members can only purchase on the basis of credit, which is an exception to the present rule.

Objectives of Co-operative Society

-To enhance and encourage the cultural heritage of Northwest Cameroon through quality craft production -To improve the living standards of craftsmen by pooling their resources. -To facilitate the collection and marketing of crafts through cooperative efforts. -To promote the exportation of Cameroonian crafts. -To seek funding and technical assistance from donors. -To provide lucrative employment to school graduates. -To fight against child labor. -To promote gender equality in our society.
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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

Types of Co-operatives Society

The following are the main types of cooperative enterprises: 1. Producer Cooperative Societies These are formed to eliminate the middlemen and capitalist groups from the industrial production. Its main purpose is to produce goods for the requirements of its members. Surplus productions are also supplied to out riders in the open market at profit. All the necessary activities .as production, management and marketing are performed by the members themselves. Its members get dividend on the basis of the capital invested by them. Objects (a) To purchase the raw materials and other factors at most economical prices. (b) To produce the goods at the most economical level. (c) To supervise the production most efficiently and effectively. (d) To dispose of the surplus production to non members at maximum prices. (e) To eliminate the middlemen and capitalists.

2. Consumer Cooperative Societies

The society is the voluntary association of ordinary people formed with the object of obtaining daily requirements of the members. It directly purchases the goods at large scale from the producer or wholesalers at whole sale price. Anyone can become member by purchasing one share of the society. Sometimes goods are also supplied to non-members but they do not share in the profit of the society. Profit earned by the store is distributed among the members according to the value of the

ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

purchases conducted by the manager who is elected by the members. Generally its two types are popular in the world. (a) Retail cooperative store. (b) Wholesale cooperative store. Objects 1. To eliminate the retailers, capitalists and wholesalers. 2. To promote the welfare of the members. 3. To supply the daily necessities of life to its members at market price. 4. To increase the purchasing power an standard of living of the members of the society.

3. Marketing Cooperative Society It is the voluntary association of producers formed for the object of arranging the disposal of their output. It pools together the output of the individual members and arranges to supply the product at highest possible price. The profit of the sale of the products is distributed among the contributing producers according to their individual contribution to the pool. This kind of society is particularly useful for the small producers and agriculturists. It can be formed in two organizations according to the local condition of the country i.e. (a) Single purpose society (b) Multi purposes society Objectives 1. To eliminate the middlemen who are liable of the high cost of marketing. 2. To pool together the output of the individual members. 3. To grade and process of the pooling products of the members. 4. To dispose of the product at the maximum price.
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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

4. Insurance Cooperative Society This type of cooperative society is formed for the objects of providing group insurance facilities to its members. It makes the contract with sound insurance company on collective terms and conditions and thus pay lower premium rate to insurance company as compared with ordinary policy holders. These are other two forms of cooperative Insurance i.e. 1. Mutual office 2. Self concern. In the Mutual office, the policy holders are the owners and the profit of the insurance company is utilized in the following ways: (a) To strengthen the financial position of the company. (b)To decrease true amount of premium. (c) To distribute bonus to its members.

Object 1. To provide insurance facilities to its members. 2. To charge the low rate of premium. 3. To promote the welfare of the members. 4. To encourage the habit of thrift and investment. 5. Housing Cooperative society It is an association of middle and low income groups of people. Generally it is formed in urban areas. The main purpose of this form of society is to protect its members against exploitation by landlords. It not only grants financial assistance to its members but also achieve the economics of purchase of building material in bulk. In order to become a member of the society one must buy at least one share

ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

of the society. The liability of the member is limited to his capital contributed. It is also called "Building Society" and may be divided into three types i.e.

(1) Housing Building Society (2) Land Society (3) Finance Society

Objectives 1. To receive deposits from its members. 2. To make loans to its members for the construction of house at low rate of interest. 3. To render technical services for its members. 4. To purchase building materials at economical rate. 5. To perform the welfare activities as water supply, roads, sewerage, electricity

6. Cooperative Farming Society This form of Society is formed with the object of obtaining the benefits of large scale farming and maximizing agricultural products. It is basically agricultural. cooperative which is confined to agricultural countries. Its members generally relate to the formers including those owing land. The cooperative forming are of the following types: 1. Cooperative collective farming Society. 2. Cooperative joint farming society. 3. Cooperative better farming society. 4. Cooperative tenant farming society.

ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

Objective (a) To consolidate holding. (b) To introduce new technique of cultivation. (c) To improve the irrigating system. (d) To increase the area under agricultural operations. (e) To make necessary steps for the improvements of the standard of living of the farmers. (f) To increase the production per acre. (g) To provide seeds manures and implements to its members. (h) To dispose of agricultural output.

7. Credit Cooperative Society Credit cooperative society is the voluntary association of .the financially weak persons organized with the object of providing short term financial requirements to them. This society performs important role in the rural areas where the dishonest money lenders have been exploiting simple villagers by charging high rate of interest. The Funds of the society consist of (a) Membership fees, (b) Dispose of shares (c) Deposits from members and non-members (d) Loan from govt. and semi govt. The liability of members is unlimited. This assists the society in raising funds and ensures that every member will take keen interest in the activities of the society. The society prefers the poorer members in granting loan and charges low rate of interest from them. Generally the society advances the amount for productive purposes but some loans are also given to members for unproductive purposes. Credit cooperative society may be divided into two types:

ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

(1) Agricultural Credit Society (2) Non-agricultural credit Society Objects (a)To get rid of the pressure of money lenders. (b) To provide the financial facilities for short term to its members. (c) To keep the minimum rate of interest on loan. (d) To develop the habit of thrift and saving among the members. (f) To encourage the habit of mutual aid.

Principles of Co-operatives
I. Voluntary Membership: Everyone is at liberty to enter or leave the co-operative society as and when he likes. Nobody is compelled to join a co-operative society. The members are also free to use or not to use the services of the society. Though there is no limit on the membership of the societies, sometimes certain limits are imposed to keep the society as a workable group.

II. Political and Religious Neutrality: The membership of a co-operative society is opened to all irrespective of religion, caste, creed, colour or political affiliation. The co-operative movement can attract a large membership only by staying out of politics where people have divided opinions. There is no place for caste or discrimination in co-operative. The primary aim of co-operatives is to serve its members. So, co-operative societies are neutral as far as political and religious affiliations are concerned.

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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

III. Democratic Management: The management of a co-operative society is always on democratic lines. All the members of a society elect a body of persons to conduct and control the day-to-day working of the society. The members frequently meet and give guidelines to its executive. In a co-operative, democracy is more than a system; it is a condition of its business success. Co-operative business stands or falls with democracy.

IV. One Man, One Vote: In co-operative societies every member is given one vote irrespective of his contribution towards their basis of number of shares held by a person. So persons having large number of shares control the organization. In a co-operative, nobody can control the society on the strength of his wealth. All members have equal voice in the management of the society.

V. Service Motive: The primary objective of co-operative societies is to provide service to their members. The aim is not to earn profits as is the case in all other forms of organizations. The service of members is the fundamental object of co-operative societies. The societies earn a small amount of profit to cover up administrative expenses. The profit is generally earned when goods are sold to non-members.

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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

Advantages of Co-operative Society

1. Easy to form: The formation of a cooperative society is very simple as compared to the formation of any other form of business organizations. Any ten adults can join together and form a cooperative society. The procedure involves in the registration of a cooperative society is very simple and easy. No legal formalities are required for the formation of cooperative society. 2. No obstruction for membership: Unless and otherwise specifically debarred, the membership of cooperative society is open to everybody. Nobody is obstructed to join on the basis of religion, caste, creed, sex and colour etc. A person can become a member of a society at any time he likes and can leave the society when he does not like to continue as; member. 3. Limited liability: In most cases, the liabilities of the members of the society are limited to the extent of capital contributed by them. Hence, they are relieved from the fear of attachment of their private property, in case of the society suffers financial losses. 4. Service motive: In Cooperative society members are provided with better good and services at reasonable prices. The society also provides financial help to its members < the confessional rates. It assists in setting up production units and marketing of produces small business houses so also small farmers for their agricultural products. 5. Democratic management: The cooperative society is managed by the elected members from and among themselves. Every member has equal rights through its single vote but can take active part in' the formulation of the policies of the society. Thus all members are equally important for the society.
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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

DISADVANTAGES OF CO-OPERATIVE SOCIETY:

1. Limited resources: Cooperative societys financial strength depends on the cap contributed by its members and loan raising capacity from state cooperative banks. The membership fee is limited for which they are unable to raise large amount of resources as their members belong to the lower and middle class. Thus, cooperative are not suitable for the large scale business which require huge capital.

2. Inefficient management: A cooperative society is managed by the members only. They do not possess any managerial and special skills. This is considered as major drawback of this sector. Inefficiency of management may not bring success to the societies.

3. Lack of secrecy: The cooperative society does not maintain any secrecy in business because the affairs of the society are openly discussed in the meetings. But secrecy is very important for the success of a business organization. This paved the way for competitors to compete in better manner.

4. Cash trading: The cooperative societies sell their products to outsiders only in cash. But, they are usually from the poor sections. These persons require availing credit facilities which are not possible in the case of cooperatives. Hence, marketing is a shortcoming for the cooperatives.

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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

ASHIRVAD CREDIT SOCIETY LIMITED

INTRODUCTION

CO-OPERATIVE

Ashirvad Credit Co-Operative Society financial institution formed under the laws, which do banking business among its members. Co-operative Society is registered under the 2001 Act, regulated by the government with its registration 751/LA.A./2011, fully ahead to Government of Rajasthan.

FUNCTIONS
Ashirvad 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.

SCHEMES
Ashirvad 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 Ashirvad Silver Plan Ashirvad Diamond Plan Daily plan

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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

USE OF DEPOSITS OF ASHIRVAD CREDIT CO-OPERATIVE SOCIETY Ashirvad Credit Co-Operative Society funds received as deposits at the lender uses. Ashirvad Credit Co-Operative Society members are among the banking business.

SECURITY OF THE DEPOSITS The government has set up law for the Security of the deposit in Ashirvad Credit Co-Operative Society to which the cradle is legally necessary. Ashirvad Credit CoOperative 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.

BENEFITS TO THE DEPOSITER (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 Any adult person in society, Hindu undivided family, company, partnership firm, trust, institution, etc. is a member of the Ashirvad credit Co-Operative Society Ltd., can invest in the deposit schemes.

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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

MEMBERSHIP To become a member of Ashirvad credit Co-Operative Society by paying the amount of Rs 10 membership fee and Rs 100 can be applied for membership in the firm. When you become a member of ASHIRVAD Credit Co-operative Society, you have right to participate in the management process of the organization through the A.G.M. You can otherwise also post your suggestion for improving the functioning of the society. We understand each other so well that we have spontaneously started treating our members as part of ASHIRVAD Pariwar. Because of the avowed objective of this initiative when we committed ourselves to ensure welfare of our members through financial support we are improving the standards of life and rendering all possible technology driven financial services under one roof.

Who Can be a member of the Society?

Any person who has attained the age of 18 years, is capable of entering a valid contract, member of Hindu Undivided Family Business, a company registered under Companies Act, a Partnership Firm, a Limited Liability Partnership firm, any Trust, Institutions, residents of Jaipur or persons employed here or professionals with their business establishment can become a member of the society.

How can one Join the Society?

It is very easy you have to just deposit a sum of Rs. 10 and fill up a membership form which is available at all our branches, franchisee and field staff. We can assure you that our field staff is truly co-operative. Membership will be given to you as per the discretion of the society.

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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

SAVING ACCOUNT
Ashirvad saving account Minimum Deposit Amount Rs. 200 Maximum Interest Rate 7%.

LOAN SCHEMES
1) DAILY LOAN SCHEME i) The loan period will be there for three to six months. ii) The loan amount will be maximum of Rs.1, 00,000/iii) The borrower must have savings account with ashirvad. iv) The loan will be paid back by daily installments.

DETAILS OF INSTALLMENTS

Period Of Three Months

LOAN AMOUNT DAILY INSTALLMENT WITH INTEREST

Period Of Six Months LOAN AMOUNT DAILY INSTALLMENT WITH INTEREST

10,000 20,000 30,000 40,000 50,000 60,000

120 240 360 480 600 720

10,000 20,000 30,000 40,000 50,000 60,000

65 130 195 260 325 390

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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

DEPOSIT SCHEMES Fixed deposit scheme

Term deposit pre-pay a deposit of 1,000 rupees on the table Time Period Prepayment Loan

3 months 3 to 6 months 6 to 9 months 9 to 12 months 12 to 15 months 15 to 18 months 18 to 21 months 21 to 24 months 24 to 27 months 27 to 30 months 30 to 33 months 33 to 36 months 36 to 39 months 39 to 42 months

Not available Not available Not available Not available 1050/1060/1070/1080/1090/1100/1150/1190/1210/1280/-

700/725/750/800/840/850/860/865/875/880/925/1000/1025/1090/-

Ashirvad credit society has the right to change the interest rates from time to time.

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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

Term deposit interest rates Time Period 3 Month 6 Month 9 Month 1 Year 2 Year 3 Year 4 Year 5 Year Interest rate 7.00% 8.00% 9.00% 11% 11.50% 12% 12.50% 12.50% Special interest 8.00% 9.00% 10.00% 12% 12.50% 13% 13.50% 13.50%

TERMS AND CONDITIONS

1. Investors women above the age of 51 Ave, disabled soldiers, ex-Central Ave Ave State Government Employees Insurance Setr All bank employees, public employees in government and make a cooperative venture in semi-employed retired employees of local bodies Ave Trust Special rates at the single deposit of Rs five lakhs.

2. Calculating the annual compounded rate of interest on a minimum deposit of Rs 1000 and 100 the coefficient of Rupee

3. Available pre-pay rules.

4. 70% of the loans against deposits.

5. They must have no interest after the time period over. 6. Changes in the terms of the plan, renovation, addition and amend by the Ashirvad Credit Co-operative Society Ltd.
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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

RECURRING DEPOSIT

New Year Special Deposit Scheme 13% Principal Amount 5000 5000 5000 17 Month 20 Month 26 Month 920 1080 1410 5920 6080 6410 Period Interest rate Payable amt.

The minimum deposit plan of Rs 5000 and in multiple of Rs. 1000. Condition Apply Pre-payment on a saving account at 7 percent annual interest payable Changes in the terms of the plan, renovation, addition and amend by the Ashirvad Credit Co-operative Society Ltd.

LAKHPATI YOJANA
11 percent interest on deposits No Payment till 36 months 36 months to 54 months 7% interest 54 months later and 72 months before the 11% interest

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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

ASHIRVAD SCHEMES
ASHIRVAD LAXMI BEETIYAN VIVHA PLAN
Amount x Month 250 x 180 500 x 180 750 x 180 1000 x 180 Principal Amount 45000 90000 135000 180000 Payable Amount 129750.00 259500.00 389250.00 519000.00

ASHIRVAD SHIKSHA PLAN

Amount x Month 250 x 120 500 x 120 750 x 120 1000 x 120 Principal Amount 30000 60000 90000 120000 Payable Amount 59250.00 118500.00 178000.00 237000.00

ASHIRVAD SUKHI JEEVAN PENSION PLAN

Amount x Month 250 x 240 500 x 240 750 x 240 1000 x 240 Principal Amount 60000 240000 240000 240000 Payable Amount 260000.00 520000.00 780000.00 104000.00

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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

ASHIRVAD LAXMI BEETIYAN PLAN

Maturity in 4 year 9 month On Maturity deposit amount double Minimum deposit of Rs. 1,000 or Maximum deposit 25000 Deposit on the Credit facility Note- Last Date of Laxmi Beetiyan Scheme 30 September (Only for women and girls)

ASHIRVAD SILVER SCHEME

1. Maturity in 5 year 9 month 2. On Maturity deposit amount double 3. Minimum deposit of Rs. 1,000 or in multiples of 100 4. Deposit on the Credit facility 5. a) b) Credit facility for 1 year not available After 1 year, 60 percent of the loan shall be payable on deposits

6. 21 Percent annual interest on loan, monthly compound rate 7. No pre-payment before 2 year, after 2 year rate on a saving account at 5 percent annual interest payable 8. After maturity, no interest shall be payable 9. Changes in the terms of the plan, renovation, addition and amend by the
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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

TRIPLE ASHIRVAD PLAN

1. Maturity in 9 years 2. Three Times maturity amount on deposit (Pay Rs. 10,000/- and get Rs. 30,000/-) 3. Minimum deposit of Rs. 1000/4. Deposit on the Credit Facility 5. a) b) c) Credit facility not available for 1 year 1 year to 2 year, loan up to 50 percent of deposit amount After 2 year 75 percent Loan on total deposit

6. 19 percent annual compound rate of interest on loan amount 7. Time of Payment 8. a) b) c) 70 months no payment facility After 70 months to 90 months due to double the money 90 month later and earlier maturity of the deposits paid 2.5 times

9. After maturity, no interest shall be payable 10.Changes in the terms of the plan, renovation, addition and amend by the Ashirvad Credit Co-operative Society Ltd

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ASHIRVAD CREDIT COOPERATIVE SOCIETY LIMITED

MONTHLY INCOME SCHEME

Monthly Income Scheme Tim Gene Speci Monthly e ral al Income Peri inter intere Gene Speci od est st rate ral al rate 91 1 & 10% 11% 83 2 year 10.5 11.50 87 96 3 & 0% % 4 year 11.5 5 & 0% 6 year 12.50 96 % 104 Quarterly Income Gener Speci al al 250 275 Half Yearly Annul Income Income Gener Spec Gen Special al ial eral 500 550 1000 1100

262

287

525

575

1050 1150

288

313

575

625

1150 1250

TERMS AND CONDITIONS

1. Minimum investment of Rs. 10,000 / 2. Investors 51 years of age and above, woman, handicapped, defense personnel, retired defense personnel, employees of central government and state government, all employees of banks and insurance companies, employees of public sector, government and semi-government organizations, working employee of any cooperative society, employees of local bodies, retired person, trust and on single deposit of Rs. 5 lac get special rate of interest

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3. TDS is not applicable on interest paid by society 4. Interest paid to the nearest rupees 5. Loan available up to 75% of deposit amount 6. Rate of interest on loans against deposits 21% per annum 7. Pre-pay terms and conditions a) b) c) On 1 year deposits, after 6 months 4% interest payable On 2 year deposits, after 1 year 4% interest payable After 2 year 5% interest payable

8. After maturity, no interest or other benefits payable

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CONCLUSION
A cooperative society is essentially an association of person who join together on a voluntary basis for the furtherance of their common economic interests. It is a form of business where individuals belonging to the same class join their hands for the promotion of their common goals. These are generally formed by the poor people or weaker section people in the society No, a doubt, ashirvad credit co-operative society ltd., is working in the right direction. It cannot be ignored, since its establishment it is striving hard for improving the economic conditions of the members. At the same time it is servicing its members in various ways i.e., advancing loans as and when needed at cheaper rate of interest, collects deposits from their savings, work for welfare of members etc. Loan distribution and collection system is also good and majority of the members were satisfied. Loan is allotted without discrimination members are satisfied with the working of the society. It is necessarily that society should always orient its activities towards welfare of members. It is well-known fact that the main objective of the society is EACH FOR ALL AND ALL FOR EACH. Therefore, it is necessary that society should always aim at continuous development or adoption, which will be more helpful to the members of its services.

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BIBLIOGRAPHY SITES
www.google.com www.wikipedia.com www.scribd.com www.ashirvadsociety.com

Books referred are Advanced financial accounting-M.COM

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