Pandit Deendayal Upadyay Credit Society Deposit Protection Scheme

Updated on April 19, 2022, 5:07 a.m.

Let us understand the concept of the Credit Co-operative Society. A Credit Cooperative Society is a credit society that is a member-owned financial cooperative controlled by its member. The purpose of strengthening the economy and developing the society is the core factor in the build-up of the Credit Cooperative Society in Maharashtra and it will offer credits at a realistic price and financial services to its members.

Government of Maharashtra has launched the Pandit Deendayal Upadyay Credit Society Deposit Protection Scheme in 2018 to protect the interest and promote the welfare of the common man in the state. Under this scheme, the state government will protect the fixed deposits of middle and lower-middle-class depositors in various rural and semi urban credit societies in the state. This scheme will follow the outline of similar protection offered to depositors of nationalised and the commercial banks. This policy was introduced as per the guidelines by the Reserve Bank of India (RBI) to cater to the needs of the people in semi urban and rural areas of Maharashtra.

The Co-operative Credit Institutions in Maharashtra can be classified under a three-tier arrangement as:

Primary Credit Societies.
State Co-operative Bank.
Central Co-operative Bank.

To be honest, the RBI will analyse the co-operative procedure by offering the financial assistance through banks like NABARD (National Bank for Agriculture and Rural Development) in the form of general line of credit for offering assistance for non-agricultural and agricultural process. The Government of Maharashtra has invited the applicants from various credit cooperatives functioning in the state to bring them under their sphere of influence from 2018. This indirectly means that the entire system of the credit cooperative societies in Maharashtra is incorporated with the banking pattern of India.

OBJECTIVES:

The Pandit Deendayal Upadyay Credit Society Deposit Protection Scheme sponsored by the Government of Maharashtra comes with its share of objectives given below as follows:

To raise the capitals for protecting the interest of its members and promote their welfare.
To prevent the exploitation of weaker sections by the rich and powerful money lenders in the society.
To grant the loans and cash advances to the members.
To assist and encourage the subsidiary institutions in Maharashtra.
Provide the cash at reasonable rate of interest.
Eliminate the need of any broker/middle man in their respective line of business.
They must protect the right of the producers/consumers in semi urban and rural areas of Maharashtra.
To safeguard the hard earned safe deposits of the common man and give justifiable returns.

FEATURES:

The features of the Pandit Deendayal Upadyay Credit Society Deposit Protection Scheme are given below as follows:

Raising funds from the state government and other financial institutions to encourage the smooth flow of the cash.
The style of working is very democratic and transparent in nature.
Assisting the members in offering the short term loans, medium term loans and the long term loans.
There are 9500 Cooperative Credit societies in Maharashtra amounting to INR 50,000 Crores and this scheme will safeguard the existence of these societies.
Emphasise the concept of cooperation where in the member’s state, expand, spread and socialise to complete tasks in a given time.
Taking the assistance from subsidiary institutions, Self Help Groups, Farmers Union, Producer organisation and forums and resolve the issues.
Make the aspirations of the members count by organising fairs, marches, exhibitions and awareness drive in the rural and semi urban areas of Maharashtra.
To make sure the rate of interest on the amount given to the members is reasonable, so that the member can return it without any difficulties.
They will protect the member’sdeposits of INR 1 Lakhs in Co-operative Credit Societies in the state.

WAYS TO REGISTER A COOPERATIVE SOCIETY IN MAHARASHTRA

The credit cooperative society registration is simple and needsless documents compared to others.Under the Pandit Deendayal Upadyay Credit Society Deposit Protection Scheme there is a definite pattern of registration given below as follows:

The registration complies with the Societies Registration Act of 1860.
The selection of name must be unique and should not have names of the nation, religion or political leaders as it is against the Emblem Act of 1950.
Seven members must sign the Memorandum of Association and it must be deposited to the Registrar of Societies.
Memorandum of Association consist of the following details like:

Name of the Credit Cooperative Society.
Objectives of the Credit Cooperative Society.
Address of the members of the Credit Cooperative Society.
Management details of the Credit Cooperative Society.
Authority Letters of the Credit Cooperative Society.
Consent letter of the members of the Credit Cooperative Society.
Affidavit with Non Judicial Stamps.
Receipts and Payments of the Society.
Types of Members of Credit Cooperative Society.
Movable and Immovable property details.
Meeting details of the Credit Cooperative Society.
Source of Income of the Credit Cooperative Society.
Details of loans/deposits of the Credit Cooperative Society.
Management Committee rules of the Credit Cooperative Society.
Management Committee functions of the Credit Cooperative Society.
Notices issued by the Credit Cooperative Society.
Details of the sale/purchase of the Credit Cooperative Society.
Amendment details of the Credit Cooperative Society.

Any three members of the governing body can be witness to the proceedings while filing with the Registrar of Societies in Maharashtra.
A fee levied by the Government of Maharashtra is imposed while establishing the Credit Cooperative Society from time to time.
The certified copies of the society are submitted to the Registrar of Societies in Maharashtra and the Credit Cooperative Society is formed.
Register will issue the certificate to the members.

DETAILS-COOPERATIVE CREDIT SOCIETIES IN MAHARASHTRA

There are well established Co-operative Credit Societies available in Maharashtra listed below like:

Bahinabai Nagari Sarkari Pathsanstha.
Shree Keteshwar Rural Credit Co-operative Society.
Bhagwanth Nagari Credit Cooperative Society.
Janhit Nagari Sarkari Credit Co-operative Society.
Gurukrupa Nagrik Sahakari Phatpedi.
Sukh Shanti Co-operative Credit Society.
KirloskarCo-operative Credit Society.
Gokul Nagar Sahakari Pathnsanstha Society.
Nashik Jila Kamgar Sahakari Pat Sanstha.
Tapi Sarkar Credit Cooperative Society.
Dhyandeep Credit Cooperative Society.
Vasantrao Credit Cooperative Society.
Konkanvaibhav Sarkari Patpethi.
Shree Gajanan Credit Cooperative Society.
Suryeshwar Nagari Credit Cooperative Society.
Maganpatta Nagrik Sahakari Patsanstha Maryadit.
Shri Bheemshankar Nagari Shankari Pathsanstha Maryadit.
Mahalakshmi Credit Cooperative Society.
Upwan Nagari Sahakari Patsanstha.
New Satara Jilla Credit Cooperative Society.
Siddhakala Sahakari Credit Cooperative Society.
Pune Jilla Credit Cooperative Society.
Vaibhavlakshmi Credit Cooperative Society.
Kedarnath Nagari Aaple Credit Cooperative Society.
SahakaranagarCredit Cooperative Society.
Tulasiwadi Credit Cooperative Society.
Jairam Credit Cooperative Society.
Mangalamurthi Nagari Credit Cooperative Society.

DOCUMENT DETAILS

As per the Pandit Deendayal Upadyay Credit Society Deposit Protection Scheme, the list of documents that needs to be furnished to the Registrar of Societies, Maharashtra State is:

Covering Letter.
Memorandum of Association.
Consent Letter.
Email address of all the members of the Credit Cooperative Society.
Self-Declaration Form of the Credit Cooperative Society.
No Objection Certificate of the Credit Cooperative Society.
Resolution.
Aadhar Card, Voter ID, Pan Card and Driving License of all the members.
Photos of all members and the governing council of the society.
Official Address proof like Electric bills, Gas bills and Registration documents.
Passport details of the members.
Bank Account details of the members and management.

CONTACT DETAILS:

To know about the Pandit Deendayal Upadyay Credit Society Deposit Protection Scheme, please visit the address given below.

Commissioner and Registrar of Co-operative Societies
621, 6^th Floor
Konkan Bhavan
Belapur
Navi Mumbai—400614
Phone: 022-27571307, 9403125666, 9890034172

Commissioner of Cooperation
Registrar of Co-operative Societies
2^nd Floor, New Central Building
Ambedkar Wellesley Road
Pune—411001
Phone: 020 2612 2846

Pandit Deendayal Upadyay Credit Society Deposit Protection Scheme

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