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Credit Society Software Development

  • Credit Cooperative Society is safe and secure, because the Indian Government of has framed the laws/rules/regulations to ensure the security and safety of deposits and many more company Credit Cooperative Society strictly abides by the rules and regulations framed by State Government. The State Co-Operative Societies Act,
  • Credit Society works as per the Cooperative society Act It is very trustable society like as a bank.
  • The audit of the bank is done by the panel of C.A. Or RBI Officers as per the guidelines of Reserve Bank of India, while Auditor Co-operative Registrar office for Society Audit.
  • Banks can issue checkbooks as they are approved by a clearing house license, whereas credit societies do not have a clearing house license so cannot issue check books.
  • If you associate with the credit society, you will have to become a member of the society by purchasing its shares and more debt will have to be deposited in the society. The loans and advances given by the society are secured: Loans are fully secured with collateral security and are given to the actual borrowers after thorough scrutiny and due diligence, without the company being a shareholder, the loan will not be given even if you are a member of the company.
  • There is no restriction on increasing deposits, only the credit society can increase the amount of deposits, money etc. from members so that the total amount of deposits and loans cannot exceed 10 times the accumulated reserves of capital and society. The society is able to pay higher interest rate on the deposits because Income earned from loans and advances by the society has been exempted from income tax. So society saves huge amounts of money which otherwise would have been paid as taxes. This helps the society to keep more interest on deposits.

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