We wish to open a credit cooperative bank in our city Raebareli in Uttar Pradesh. Would you please guide us?
I C Naik
Do some preliminary work.
Gather at least 10 adults belonging to 10 different families, more the merrier.Prepare a plan of action.Where you want to have office. What will be the cost of that. Also consider how many members will eventually join the Society and how much they will contribute every month. On what basis you want to give advances for what purposes, interest rate, installments etc. Inshort prepare a feasibility plan projecting 5 years’ operations to see that it will work and will not fail. After that let at least 10 members sign that paper. Go to nearest Cooperative Society Office of the State Government and show this plan to any higher officer to guide you about registration of the Society.