Credit Co-operative society

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What is a multi-state co-operative society?

Multi-state co-operative societies are required to be registered under Multi State Cooperative Societies ACT, 2002. With objects of the society must be for serving the interests of members in more than one State. Multi-sate co-operative societies are formed by the group of individuals to promote their economic and social betterment and to provide functional autonomy.

What are the types of a multi-state co-operative society?

  • Credit co-operative society.
  • Housing co-operative society.
  • Agriculture co-operative society.
  • Marketing co-operative society.

How to Register a Multi State Credit Co-operative Society?

  • Model Bye-Laws (four copies).
  • Intensive inquiry letters for NOC.
  • List of Promoter members.
  • Min 7 board members and maximum 21 board members.
  • Minimum 50 members from each state at least two states.
  • Copy of pre-registration meetings resolution (about board, Capital, members, operations, i.e.).
  • Proposed name of your multi-state cooperative society.
  • Head office address to be registered.
  • A certificate from the Bank stating the credit balance in favor of the proposed multi-state co-operative society.
  • A detailed plan that how co-operative society will be beneficial for the social and economic betterment of its members and community as a whole.

Can we Raise fund in a multi-state co-operative society?

  • A Multi-sate co-operative society can accept deposits not more than the ten times of the paid up share capital and net reserves in a financial year.
  • A multi-State co-operative society can issue non-convertible debentures to the extent of twenty-five per cent of its paid-up share capital.
  • A raise fund thru allotment of equity shares.
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All Features
Multi-state Credit society
NBFC-ND
Nidhi Company
Governing Laws
MSCS Act. 2002
RBI Act. 1934
Companies Act. 2013
Recommended for
Non-Commercial Banking and NPO.
Commercial Banking Business
Member based Mutual benefit society
Initial Capital
For General credit Rs. 2 Lakh and for Urban bank Rs. 4 Crore.
Minimum Rs. 2 Crore
Rs. 10 Lakh
Loan Limit
 
 
 
Members
Min 50 from at least 2 state. In total 100
7/2
7 at the time of registration and after registration min 200.
Directors
7
3/2
3
Operations
In a District or state
PAN India
PAN India
Credibility
6/10
10/10
8/10
Registration time
Maximum 120 Working days
Maximum 90 Working days
Maximum 20 Working days
Registering Authority
State Government and Central Govt.
ROC & RBI
Registrar of Companies
Popular
Low
High
Medium
Deposits
Yes. freely from public with certain limitation
 
 
Loan
To Everyone
To Everyone
To Members only
Funding
From Members and Public
From Members and FDI
From Members only
Government aid
Low
 
 
RBI License
 
 
 
RBI Act
Yes. In case of urban Bank
 
RBI Can Pass order as when required.

 

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