Welcome to United Multi State Credit Co-Operative Society Ltd. A Multistate Credit Cooperative Society Registered with Central Register, New Delhi under Multistate Cooperative Society Act-2002 and doing finance business amoung its members.
• What is The United Credit Co-Operative Society Ltd. ?
The United Multi State Credit Co-Operative Society is a Co-Operative Society registered under Rajasthan State Credit Co-Operative Societies Act 2001. by Registration no. 724/CL/2010. The United Credit Co-Operative Society strictly abides by the State Credit Co-Operative Societies Act.,2001 and doing Finance bussiness among society members.
• How does the Society utilize the funds/deposits obtained by it ?
The Society uses the funds in lending to the members and investments as per the societies act/rules/by-laws. Our lending is in the shape of small loans for business & Micro Finance.
• Are the deposits with the society safe & secured?
Yes, because Government of India has framed the laws/rules to ensure the security and safety of deposits and United Multi State Credit Co-Operative Society strictly abides by the rules and regulations framed by State Government. The State Co-Operative Societies Act,
• How the United Credit Co-Operative Society is different from other Financial Institutions?
As stated else where the UCCS is registered under Rajasthan state Co-Operative societies act and rules. Society is not a personal institution owned by an individual but is a fully democratic organization managed by Board Of Directors who are elected by the members of the society in the Annual General Meetings and the Board Of Directors also take decisions in a collective manner with total transparency. The department of Co-Operatives constantly reviews the functioning of the society at regular intervals.
Finance companies are usually owned by individuals and frame the so called policies according to the whims and fancies of the owners. The general members/ depositors/ Investors have no role to play. There are some possibilities for the absence of transparency. Members/ Investors have virtually no knowledge of the affairs/ legal provisions of N.B.F.Cs and the statutory liabilities of the N.B.F.C s are also limited.
The United Multi State Credit Co-Operative Society Ltd. is completely live to its legal liabilities and answerable to its members through its elected members of the Board Of Directors. Books of accounts of The United Multi State Credit Co-Operative Society subject matter of Statutory Audit and the Audited Accounts are submitted to State government of Rajasthan for review and further action, annually. When you invest your money in The Unitd Multi State Credit Co-Operative Society you are not only an investor you are a member of the society.
• Why the The United Multi State Credit Co-Operative Society Ltd. is paying 'Higher Rate of Interest' to its members/ Investors?
We believe in the principle of encouraging saving habits amongst our members. In the present context when tendency to save is on the decline and the consumerism is on the high. We want to ensure the financial and social well being of our members as a moral responsibility towards the Society. As a true nationalists we are convinced that higher the savings, higher the investment better the G.D.P.
• What are the benefits available to the depositors/ Investors?
We offer a higher Rate of Interest to the depositors/ Investors of following categories: Senior Citizen (50 years above), Ladies and pensioners. Free Accidental Death Insurance benefit of Rs. 50,000/- For every account (maximum 2 accounts are covered with total benefit not exceeding Rs. 1,00,000/-). All our employees/ members of marketing team are also covered under Accidental Death Insurance scheme.
• Who can invest with The united Multi State Credit Co-Operative Society Ltd.?
All those investors/depositors who are keen to get better returns/interest on their deposits in short term, medium term and long term. So all of you are welcome.
• How The United Multi State Credit Co-Operative Society Ltd. is able to offer Higher Rate of Interest as compared to the Rate of Interest of Commercial banks/ Financial Institutions?
There are varieties of natural and financial reasons which help the UMSCCSL in offering better Rate of Interest. A few of them are detailed below:-
(a) Income earned by the society on account of Interest on loans/ advances granted to members which contributes a major part of society's Income is exempt from Income Tax as per section 80P of Income Tax Act. Therefore the UMSCCSL is able to save huge amount which could have otherwise been paid as Tax. The Board of Directors of the society always felt that some portion of this should be passed on to the members by offering higher Rate of Interest and this is what our corporate philosophy is.
(b) C.R.R. Cash Reserve Ratio: - Banks and other financial institutions have to keep about 4 to 5 percent of their deposits in cash or with Reserve Bank of India as per R.B.I. regulations. Amount so kept does not earn any interest and reduces the banks' capacity of lending. While The United Multi State Credit Co-Operative Society is exempted from this provision UMSCCSL keeps minimum cash in hand to meet the day to day requirements and therefore are in a position to lend more.
(c) S.L.R. Statutory Liquidity Ratio :- Banks have to keep the almost 25 to 30% of their deposits in different type of securities which earn them less interest as compared to the Rate of Interest prevailing in the market.
(d) THE United Multi State Credit Co-Operative Society is exempt from maintaining Cash Reserve Ratio (C.R.R.) & Statutory Liquidity Ratio. The United Multi State Credit Co-Operative Society has better opportunities of managing its funds and earning interest thereon which it is doing sincerely and passing on the benefits of such income to its members/ Investors by offering better rate of Interest.
(e) The UMSCCSL is extending short term & medium term loans to its members. Our loans are fully secured and our recovery is hundred percent. We have no N.P.A's in our books. On the other hand Banks' resources are adversely affected by large scale Non Performing Assets and as a result these institutions have lesser funds at their disposal and are not able to offer good Rate of Interest to depositors.
(f) As it is evident, banks spend huge amounts in the shape of misc. exp. And establishment cost. As compared to banks and N.B.F.Cs' our operational cost is very low and the benefit of this also is being passed on to the members in the shape of higher Rate Of Interest.