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Adarsh Blog 16

Adarsh Credit Co-operative Society Ltd. Cooperative


Societies has the lion's share in Development
The idea of cooperation is not new to us. Co-operatives is an omnipresent organization, found
mostly in every country and have been useful to people in many ways. In India, Credit Co-
operative Society has a huge share in helping those people who are unaware of the financial
services and also those, who are not financially secured. In general, a credit co-operative
society provides a wide range of financial services like loans, fixed deposits, recurring
deposits, saving, insurance etc.

Credit Co-operative Society has various deposit schemes like fixed deposit (FD), recurring
deposit (RD), monthly income scheme (MIS), daily deposit (DD), etc. The major benefit of
credit co-operative societies is that they give a high return on deposit schemes and provide
loans by easy and fast process. The main reason for this is that they have low running cost.
They also declare dividend every year for their members.

Adarsh Credit Co-Operative Society Ltd. is an enterprise that is member-centric rather than
capital-centric. Credit Co-operative Society comprises of three basic interests: ownership,
control, and beneficiary that are vested directly in the hands of the user. Rather than being
associated closely with making profits, Adarsh Credit Co-Operative Society Ltd. put people
at the heart of all their business and follow a fixed set of values.

Adarsh Credit Cooperative Society Bank provides different types of loans like housing loan,
vehicle loan, gold loan, general loan, consumer loan, etc. They always keep people at its
center. As shown in the news, Adarsh Credit Co-operative Society Ltd has come a long way
with more than 800 Branches across the nation, since its incorporation in 1999. In 2012,
Adarsh Credit became the first credit co-operative society to begin its operations in Jammu &
Kashmir. They were glorified with Financial Inclusion and Payment System Award for
Mobility Project and also for their innovative use of IT in business by VMWare. Mukesh
Modi, Founder of Adarsh Credit has a great contribution in promoting the Digital revolution
in India. The Adarsh Money mobile application was launched with a motive to bring
revolutionary changes in the co-operative sector.
Even the malicious Scandal news of Adarsh Credit Co-operative Society Ltd didnt stop them
from striving hard for the development of the country. As the co-operatives are owned and
democratically run by their own members, the decisions taken by them are taken after
keeping in mind a perfect balance between the need for profitability with the needs of their
members and the wider interests of the community. Hence, the Credit Co-operative Societies
plays a vital role in the economic development of India, especially for the lower and middle-
income group population.

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