I want to open new credit cooperative society in district level. Request you kindly provide me the details new opening process. We have the group of 15 people now, but no idea about registration process, RBI fees and minimum starting capital.
So please provide me the details of same. Please do the needful.
I C Naik
This provision suggests for every person desirous of starting a Cooperative Society must get a feasibility report pre-approved by the Registering Authority .
The MCS Act 1960 : Section 4 – Societies which may be registered
A society, which has as its objects the promotion of the economic interests or general welfare of its members, or of the public, in accordance with co-operative principles, or a society established with the object of facilitating the operations of any such society, may be registered under this Act;
Provided that, no society shall be registered if it is likely to be economically unsound, or the registration of which may have an adverse effect on development of the co-operative movement, or the registration of which may be contrary to the policy directives which the State Government may, from time to time, issue.
The other procedures are not complex if the Registering Authority is convinced. So go for this.