कैमुना को-ऑपरेटिव सोसाइटी धन जमा एवम् निकासी की सुविधा अपने शाखा कार्यालयों के माध्यम से ही उपलब्ध कराती है| अन्य किसी भी माध्यम से जमा किये गए धन की जिम्मेदारी सोसाइटी की नहीं होगी| सोसाइटी द्वारा ऑनलाइन धन जमा करने की कोई भी सुविधा नहीं दी गयी है||
What is Kamuna Credit Co-Operative Society Ltd.?

Kamuna Credit Co-Operative Society is a Multi State Co-Operative Society registered with Ministry of Agriculture, Department of Co-operation under Multi State Credit Co-Operative Societies Act 2002. by Registration no. MSCS/CR/379/2010. Kamuna Credit Co-Operative Society strictly abides by the Multi State Credit Co-Operative Societies Act., 2002.

How does the Society utilize the funds/deposits procured 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 and other co-operative institutions.

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 Kamuna Credit Co-Operative Society strictly abides by the rules and regulations framed by Central Government. The investment and operations of the society is continuously audited by the auditors of Ministry of Agriculture.

What is the difference between Kamuna Credit Co-Operative Society and Financial Companies?

Kamuna Credit Co-operative Society Ltd. is registered under Multi 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 takes 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 policies according to choice of the owners to maximize returns. 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/other financial institutions and the statutory liabilities of the institutions are also limited. Kamuna Credit Co-Operative Society Ltd. completely lives to its legal liabilities and answerable to its members through its elected members of the Board of Directors. Books of accounts of Kamuna Credit Co-Operative Society subject matter of Statutory Audit and the Audited Accounts are submitted to government of India for review and further action, at regular intervals during a year. When you invest your money in Kamuna Credit Co-Operative Society you are not only an investor you are a member of the society.

Why the Kamuna Credit Co-Operative Society Ltd. is paying ‘Higher Rate of Interest’ to its members/ Investors?

We believe in inculcating the saving habits amongst our members. We are committed to ensure the financial upliftment of our members. The savings thus generated will contribute in the building of our nation directly and indirectly.

What are the other benefits available to the depositors/ Investors?

As stated earlier, we offer better rate of interest to the members in comparison to several other financial institutions. Apart from the interest rates, we also provide a double nominee facility to all our member account holders wherein they can nominate two nominees to claim their deposit in case of any unfortunate eventuality. The benefits also depends upon the scheme a member is investing in, please read the detailed scheme document to know more about the added benefits of schemes or contact the branch personnel.

How the Kamuna 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 reasons which help the society in offering better Rate of Interest. A few of them are listed below:-

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 society is able to save some amount which could have otherwise been paid as Tax. The founders of the society felt that some portion of this should be passed on to the members by offering higher Rate of Interest.

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 Kamuna Credit Co-Operative Society is exempted from this provision we keep minimum cash in hand to meet the day to day requirements and therefore are in a position to lend more and thus earn more and pass the share to the member account holders as high rate of interests.

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 thus reduced earnings compared to society.

Kamuna Credit Co-Operative Society is exempt from maintaining Cash Reserve Ratio (C.R.R.) & Statutory Liquidity Ratio (S.L.R). Kamuna 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.

Society is also investing in other co-operative institutions and the earnings from these are also shared with the member account holders as higher rate of interests.

Banks and other financial institutions are spending huge amounts in the shape of capital expenditures 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.

How the Society ensure that the collectors which are collecting the deposits from the member account holders are safe?

The process to appoint a collector in our society is very rigorous and all the collectors have to deposit a security deposit in the society before they’re assigned for the collections. The society also ensures the police verification and guarantors before the appointment of the collectors.

Can I become a member agent or member collector of the Society?

Yes, anyone who is keen on earning money through co-operation and fulfils the criteria set by the society to become an agent member or collector member is welcome to contact the branch for further information.




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