neelam report
TRANSCRIPT
A PROJECT REPORT
ON
BHAVISHYA CREDIT CO-OPERATIVE SOCIETY
A BRIGHTER ROAD TO FUTURE
Training Undertaken at
Bhavishya Credit Cooperative Society Ltd, UDAIPUR
Submitted in partial fulfillment for the
Award of degree of
Master of Business Administration
(2011-13) INPACIFIC INSTITUTE OF MANAGEMENT
(AFFILIATED TO RAJASTHAN TECHNICAL UNIVERSITY, KOTA)
SUBMITTED TO: SUBMITTED BY:
Mr. Sanjay Shukla Neelam Tiwari
Vice President Pacific Institute of Management
B.C.C.S.L UDAIPUR MBA PART II (3rd Sem.)
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Acknowledgement
Practical training is one of the most important requirements in MBA. Through this
acknowledgement, I express my sincere gratitude towards Bhavishya Credit Co-operative
Society Ltd. and all those persons who helped me in my training programme over here.
My TRAINING with Bhavishya Credit Co-operative Society LTD. was truly a rewarding &
knowledgeable one. At the end it has served the purpose for which it has been designed by
making me well acquainted with the practices, procedures, strategies in organization.
It is my privilege to acknowledge the encouragement and guidance provided to me by Mr.
Damodar Nagda Mr. Sanjay Shukla, Mr. Rajesh Sharma, Mr. Arvind Mehta, Mr. Jairaj
Bhutara and Mr. Rajesh Pandya and all the directors of BCCSL during my internship. This
project report has been made possible by the help and support of the Staff of Bhavishya Credit
Co-operative Society LTD, UDAIPUR.
I wish to convey my special thanks to Ms. Ruchika Mogra, Mr. Varun Jain & Mrs. Richa
Sharma for providing me with all necessary help and support that was really required for
completing my project report.
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Abstract
A co-operative Society is a financial entity which belongs to its members, who are at the same time the owners and the customers of their society. Co-operative societies are often created by persons belonging to the same local or professional community or sharing a common interest
Bhavishya Credit cooperative Society is flourishing day by day. Bhavishya Group is
incorporated with the objective of providing best services & effective guidance in terms of
investment in the field of real estate and through our co-operative society.
An in-depth research of the market instillation of technological progresses in all our services have made us capable of offering services in compliance with global renowned standards of quality. We try to provide our clients with basic information related to self-regulating of financial services in the country, so that our customers can catch a glimpse of the strict processes needed for rendering high quality financial services in the country.
The project also encompasses, identifies the scope and various parameters, a customer would
look into while transacting with society for certain scheme.
The main aim of Bhavishya Credit Co-operative Society is to get profit as well as providing better product and services to its customers & satisfaction also.
It fulfills its social responsibility also towards its customers.
Overall analysis has been done, keeping in mind the various customer segments like
businessmen, salaried people, students and others, consideration while opting for any Investing
Decision
The SWOT analysis shows the pitfalls and identifies the opportunities available for Bhavishya
Credit Co-operative Society. It says there are several product and services are available for
customers of Bhavishya Credit Co-operative Society.
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INDEX
S. No. CONTENT PAGE NO.
1 Meaning & Definition of Co-operative Society 6
2 Introduction of Co-operative Society 7
3. History of Co-operative Society 8
4. Principles of Co-operative Society 11
5 Characteristics of Co-operative Society 12
6. Advantages of Co-operative Society 14
7. Types of Co-operative Society 16
8. Formation of Co-operative Society 19
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9. Registration of Co-operative Society 20
10. Amendment Bye Laws 31
11. Bhavishya Credit Co-operative Society-Company profile 35
12. Directors panel 40
13. Products of Bhavishya Credit Co-operative Society 47
14. Market Research 65
15. Data Analysis 69
16. SWOT Analysis 80
17. Conclusion 82
18. Suggestions 83
19. Questionnaire 84
20. Bibliography 86
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Bhavishya Credit Co-operative Society
“A Brighter Road to Future”
What do you mean by co-operative society?
The meaning and definition of co-operative society:
A co-operative society is a voluntary association started with the aim of service of its members. It is a form of business where individuals belonging to the same class join their hands for the promotion of their common goals. These are generally formed by the poor people or weaker section people in the society. It reflects the desire of the poor people to stand on their own legs or own merit. The philosophy of the formation of co-operative society is "all for each and each for all".
Section 4, of the Indian Co-operative Societies Act, 1912 defines a cooperative "as a society which has its objective the promotion of economic interest of its members in accordance with co-operative principles".
According to Calvert, a co-operative denotes a form of organization wherein persons voluntarily associate together as human beings on the basis of equality for the promotion of economic interests of themselves.
CO-OPERATIVE SOCIETY IN INDIA
Introduction of credit co-operative Societies
A co-operative Society is a financial entity which belongs to its members, who are at the same
time the owners and the customers of their society. Co-operative societies are often created by
persons belonging to the same local or professional community or sharing a common interest.
Co-operative societies generally provide their members with a wide range of financial services
(loans, deposits, banking accounts etc.)
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Credit Co-operative Societies differ from stockholder banks by their organization, their goals,
their values and their governance.
In most countries, they are supervised and controlled by banking authorities and have to respect
prudential banking regulations, which put them at a level playing field with stockholder banks.
Depending on countries, this control and supervision can be implemented directly by state
entities or delegated to a co-operative federation or central body.
Co-operative society institutions take deposits and lend money in most parts of the world. Co-
operative societies, includes retail banking, as carried out by credit unions, mutual savings and
loan associations, building societies and co-operatives, as well as commercial banking services
provided by manual organizations (such as co-operative federation) to co-operative business.
Customer-owned entities: In co-operative societies, the needs of the customers meet the needs
of the owners, as co-operative society members are both. As a consequence, the first aim of a co-
operative society is not to maximize profit but to provide the best possible products and services
to its members. Some co-operative society only operate with their members but most of them
also admit non-member clients to benefit from their banking and financial services.
and financial services.
Democratic member control: Co-operative societies are owned and controlled by their
members, who democratically elect the board of directors. Members usually have equal voting
rights, according to the co-operative principle of “one person, one vote”.
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History of co-operative societies in India:
For the co-operative society in India, co-operatives are organized groups of people and jointly
managed and democratically controlled enterprises. They exist to serve their and democratically
controlled enterprises. They exist to serve their members and depositors and produce better
benefits and services for them.
Professionalism in co-operative society reflects the co-existence of high level of skills and
standard in performing, duties entrusted to an individual. Co-operative Society needs performing,
duties entrusted to an individual. Co-operative Society needs current and future development in
information technology. It is indeed necessary for cooperative society to devote adequate
attention for maximizing their returns on every unit of resources through effective services.
Co-operative societies & banks have completed 100 years of existence in India. They play a very
important role in the financial system.
The Co-Operative Society in India form an integral part of our money market today. Therefore, a
brief resume of their development should be taken into account. The history of cooperative
society goes back to the year 1904. In 1904, the co-operative credit society act was enacted to
encourage co-operative movement in India.
The first phase of co-operative society development was the formation and regulation of
cooperative society. The constitutional reforms which led to the passing of the Government of
India Act in 1919 transferred the subject of “Cooperation” from Government of India to the
Provincial Governments.
The Government of Bombay passed the first State Cooperative societies Act in 1925 “which not
only gave the movement, its size and shape but was a pace setter of co-operative activities and
stressed the basic concept of thrift, self help and mutual aid.” This marked the beginning of the
second phase in the history of Co-operative Credit Institutions.
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There was the general realization that urban banks have an important role to play in economic
construction. This was asserted by a host of committees. The Indian Central 39. The co-operative
societies are expected to perform some duties, namely, extend all types of credit facilities to
customers in cash and kind, advance consumption loans, extend banking facilities in rural areas,
mobilize deposits, supervise the use of loans etc.
The co-operative societies are expected to perform some duties, namely, extend all types of
credit facilities to customers in cash and kind, advance consumption loans, extend banking
facilities in rural areas, mobilize deposits, supervise the use of loans etc. The needs of co-
operative bank are different. They have faced a lot of problems, which has affected the
development of co-operative banks. Therefore it was necessary to study this matter.
Profit allocation:
In a co-operative society, a significant part of the yearly profit, benefits or surplus is usually
allocated to constitute reserves. A part of this profit can also be distributed to the co-operative
members, with legal or statutory limitations in most cases.
Profit is usually allocated to members either through a patronage dividend, which is related to the
use of the co-operatives products and services by each member, or through an interest or a
dividend, which is related to the number of shares subscribed by each member. Co-operative
societies are deeply rooted inside local areas and communities.
They are involved in local development and contribute to the sustainable development of their
communities, as their members and management board usually belong to the communities in
which they exercise their activities. By increasing banking access in areas or markets where
other societies are less present, farmers in rural areas, middle or low income households in urban
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areas - co-operative societies reduce banking exclusion and foster the economic ability of
millions of people.
Co-operative societies play an influential role on the economic growth in the countries in which
they work in and increase the efficiency of the international financial system. Their specific form
of enterprise, relying on the above38 mentioned principles of organization, has proven successful
both in developed and developing countries.
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PRINCIPLES OF CO-OPERATIVE SOCIETIES
The 7 co-operative principles are:
1. Voluntary and open membership
2. Democratic member control
3. Member economic participation
4. Autonomy and independence
5. Education, training and information
6. Co-operation among Co-operatives
7. Concern for Community
A co-operative bank is a financial entity which belongs to its members, who are at the same
time the owners and the customers of their bank.
Co-operative banks are often created by persons belonging to the same local or professional
community or sharing a common interest.
Co-operative banks generally provide their members with a wide range of banking and financial
services (loans, deposits, banking accounts...).
Co-operative banks differ from stockholder banks by their organization, their goals, their values
and their governance. In most countries, they are supervised and controlled by banking
authorities and have to respect prudential banking regulations, which put them at a level playing
field with stockholder banks.
Depending on countries, this control and supervision can be implemented directly by state
entities or delegated to a co-operative federation or central body.
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CHARACTERISTICS OF CO-OPERATIVE SOCIETIES
A co-operative society is a special type of business organization different from other forms of
organization you have learnt earlier. Let us discuss its characteristics.
i. Open membership: The membership of a Co-operative Society is open to all those who
have a common interest. A minimum of ten members are required to form a cooperative society.
The Co–operative societies Act do not specify the maximum number of members for any co-
operative society. However, after the formation of the society, the member may specify the
maximum number of members.
ii. Voluntary Association: Members join the co-operative society voluntarily, that is, by
choice. A member can join the society as and when he likes, continue for as long as he likes, and
leave the society at will.
iii. State control: To protect the interest of members, co-operative societies are placed under
state control through registration. While getting registered, a society has to submit details about
the members and the business it is to undertake. It has to maintain books of accounts, which are
to be audited by government auditors.
iv. Sources of Finance: In a co-operative society capital is contributed by all the members.
However, it can easily raise loans and secure grants from government after
its registration.
v. Democratic Management: Co-operative societies are managed on democratic lines.
The society is managed by a group known as “Board of Directors”. The members of the board of
directors are the elected representatives of the society. Each member has a single vote,
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irrespective of the number of shares held. For example, in a village credit society the small
farmer having one share has equal voting right as that of a landlord having 20 shares.
iv. Service motive: Co-operatives are not formed to maximize profit like other forms of
business organization. The main purpose of a Co-operative Society is to provide service to its
members. For example, in a Consumer Co-operative Store, goods are sold to its members at a
reasonable price by retaining a small margin of profit. It also provides better quality goods to its
members and the general public.
v. Separate Legal Entity: A Co-operative Society is registered under the Co-operative
Societies Act. After registration a society becomes a separate legal entity, with limited liability of
its members. Death, insolvency or lunacy of a member does not affect the existence of a society.
It can enter into agreements with others and can purchase or sell properties in its own name. Co-
operative Society
vi. Distribution of Surplus: Every co-operative society in addition to providing services to
its members also generates some profit while conducting business. Profits are not earned at the
cost of its members. Profit generated is distributed to its members not on the basis of the shares
held by the members (like the company form of business), but on the basis of members’
participation in the business of the society. For example, in a consumer co-operative store only a
small part of the profit is distributed to members as dividend on their shares; a major part of the
profit is paid as purchase bonus to members on the basis of goods purchased by each member
from the society.
vii. Self-help through mutual cooperation: Co-operative Societies thrive on the
principle of mutual help. They are the organizations of financially weaker sections of society.
Co-operative Societies convert the weakness of members into strength by adopting the principle
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of self-help through mutual co-operation. It is only by working jointly on the principle of “Each
for all and all for each”, the members can fight exploitation and secure a place in society.
ADVANTAGES OF CO-OPERATIVE SOCIETIES
A Co-operative form of business organization has the following advantages:
i. Easy Formation: Formation of a co-operative society is very easy compared to a joint
stock company. Any ten adults can voluntarily form an association and get it registered with the
Registrar of Co-operative Societies.
ii. Open Membership: Persons having common interest can form a co-operative society.
Any competent person can become a member at any time he/she likes and can leave the society
at will.
iii. Democratic Control: A co-operative society is controlled in a democratic manner. The
members cast their vote to elect their representatives to form a committee that looks after the
day-to-day administration. This committee is accountable to all the members of the society.
iv. Limited Liability: The liability of members of a co-operative society is limited to the
extent of capital contributed by them. Unlike sole proprietors and partners the personal properties
of members of the co-operative societies are free from any kind of risk because of business
liabilities.
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v. Elimination of Middlemen’s Profit: Through co-operatives the members or
consumers control their own supplies and thus, middlemen’s profit is eliminated.
vi. State Assistance: Both Central and State governments provide all kinds of help to the
societies. Such help may be provided in the form of capital contribution, loans at low rates of
interest, exemption in tax, subsidies in repayment of loans, etc.
vii. Stable Life: A co-operative society has a fairly stable life and it continues to exist for a
long period of time. Its existence is not affected by the death, insolvency, lunacy or resignation
of any of its members.
Types of Co-operative Banks & Societies:
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The co-operative societies are small-sized units which operate both in urban and non-urban
centers. They finance small borrowers in industrial and trade sectors besides professional and
salary classes. Regulated by the Agriculture Head, they are governed by the Banking Regulations
Act 1949 and banking laws (co-operative societies) act, 1965.
The Co-Operative society structure in India is divided into following 5 components:
Primary or District Level Co-operative Credit Society
The primary co-operative credit society is an association of borrowers and non-borrowers
residing in a particular locality. The funds of the society are derived from the share capital and
deposits of members and loans from central co-operative banks. The borrowing powers of the
members as well as of the society are fixed. The loans are given to members for the purchase of
cattle, fodder, fertilizers, pesticides, etc.
Central Level co-operative Society
These are the federations of primary credit societies in a district and are of two types those
having a membership of primary societies only and those having a membership of
societies as well as individuals.
The funds of the society consist of share capital, deposits, loans and overdrafts from state co-
operative society and joint stocks.
These societies provide finance to member societies within the limits of the borrowing capacity
of societies. They also conduct all the business of a joint stock bank.
State Level co-operative Society
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The state co-operative society is a federation of central co-operative bank and acts as a watchdog
of the co-operative banking structure in the state. Its funds are obtained from share capital,
deposits, loans and overdrafts from the Agriculture Income. The state cooperative societies lend
money to central co-operative societies and primary societies and not directly to the farmers.
Land development Society
The Land development societies are organized in 3 tiers namely; state, central, and primary level
and they meet the long term credit requirements of the farmers for developmental purposes. The
state land development societies oversee, the primary land development societies situated in the
districts and tehsil areas in the state.
Urban Co-operative Society
The term Urban Co-operative Societies (UCSs), though not formally defined, refers to primary
co-operative society located in urban and semi-urban areas. These societies, till 1996, were
allowed to lend money only for non-agricultural purposes. This distinction does not hold today.
These societies were traditionally centered on communities, localities work place groups. They
essentially lend to small borrowers and businesses. Today, their scope of operations has widened
considerably.
The origins of the urban co-operative society movement in India can be traced to the close of
nineteenth century. Inspired by the success of the experiments related to the cooperative
movement in Britain and the co-operative credit movement in Germany, such societies were set
up in India. Co-operative societies are based on the principles of cooperation, mutual help,
democratic decision making, and open membership. Cooperatives represented a new and
alternative approach to organization as against proprietary firms, partnership firms, and joint
stock companies which represent the dominant form of commercial organization.
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Co-Operative Societies mainly rely upon deposits from members and non-members and in case
of need, they get finance from either the district central co-operative bank which they are
affiliated or from the apex co-operative bank if they work in big cities where the apex bank has
its Head Office. They provide credit to small scale industrialists, salaried employees, and other
urban and semi-urban residents.
FORMATION OF CO-OPERATIVE SOCIETIES
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A Co-operative Society can be formed as per the provisions of the Co-operative Societies Act,
1912.
At least ten persons having the capacity to enter into a contract with common economic
objectives, like farming, weaving, consuming, etc. can form a Co-operative Society.
A joint application along with the bye-laws of the society containing the details about the society
and its members has to be submitted to the Registrar of Co-operative Societies of the concerned
state.
After scrutiny of the application and the bye–laws, the registrar issues a Certificate of
Registration.
Requirements for Registration:
1. Application with the signature of all members
2. Bye-laws of the society containing:
(a) Name, address and aims and objectives of the society;
(b) Names, addresses and occupations of members;
(c) Mode of admitting new members;
(d) Share capital and its division.
REGISTRATION OF COOPERATIVE SOCIETY AND AMENDMENT OF
BYE-LAW
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Primary Cooperative Societies
To be registered by To be registered by other
Department Department
Of Cooperation
1. To be registered by Department of Cooperation:
-Primary Agricultural Credit Societies (PACS)
Farmers Service Societies (FSS)
-Employed Credit Cooperative Societies (ECCS)
Unemployed Engineers’ Cooperative Societies
Labor Contract & Construction Societies
Housing Cooperative Societies
Horticulture Cooperative Societies
Primary Cooperative Credit Societies
Consumers’ Cooperative Societies
Transport Cooperative Societies
Livestock Cooperative Societies
2. To be registered by Other Department:
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Weavers’ Cooperative Societies( To be registered by director of
Handloom)
Fisherman Cooperative Societies
Large size of Adivasi Multipurpose Cooperative Society
(LAMPS)
( To be registered by Managing Director West Bangal Tribal
development Cooperative corporation
Industrial Cooperative Societies ( To be registered by director
of SSI)
Registration of a cooperative society mainly the bye-laws framed by proposed cooperative
society being formally accepted and sanctioned by the Register on behalf of the State
Government. Please note that the word ‘Register’ shall mean ‘Assistant Register of Cooperative
Societies’ of respective district or “Deputy Register of Cooperative Societies” of respective zone.
A society will be registered only after proposal for registration is forwarded by the Inspector of
Cooperative Societies with his recommendation to the Register. Entry point norms for different
categories of cooperative are different. But it should be noted that the norms may vary time to
time as per order of the Register of Cooperative Societies. While forwarding a proposal, the
Inspector should see that the following conditions are fulfilled-
the area of membership of the society should be contiguous, the unit being Ward
(Municipality/Corporation Area) and Gram Panchayat;
no member of the society should be involved in the same category of business which
the society intends to do ;
members of a society should belong to the same class and occupation;
category of membership should be strictly adhered to (i.e. men cannot members of
women` cooperative and so on);
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no apex or central society will be registered unless it has among its applicants at least
six primary societies;
every society should use the word ‘Limited’ at the end of the name of the society;
and,
‘Area of membership’ as per convention, of two similar types of societies should not
overlap.
1. Housing Cooperative: A housing cooperative is a legal mechanism for ownership of
housing where residents either own shares (share capital co-op) or have membership and
occupancy rights in a not-for-profit continuing co-operative (non-share capital co-op).
2. Retailers' cooperative: A retailers' cooperative is an organization which
employs economies of scale on behalf of its members to get discounts from manufacturers and to
pool marketing. It is common for locally-owned grocery, hardware stores and pharmacies.
The well-known Best Western hotel chain is actually a giant cooperative, although it now prefers
to call itself a "nonprofit membership association." It gave up on the "cooperative" label after the
courts kept insisting on calling it a franchisor despite its nonprofit status.
3. Utility cooperative: A utility cooperative is a public utility that is owned by its customers
(an arrangement also known as a consumer cooperative). In the US, many such cooperatives
were formed to provide rural electrical and telephone service as part of the New Deal. See Rural
Utilities Service.
4. Worker cooperative: A worker cooperative is a cooperative owned and operated by its
"worker-owners". There are no outside, or consumer owners, in a worker's cooperative - only the
workers own shares of the business. Unions are often unnecessary in worker cooperatives
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because the workers have direct control over the management and ownership of the business -
they are negotiating with themselves. Some worker cooperatives still choose to become members
of local unions for particular reasons - the printing industry is one example in which union shops
often receive a special market of business (union members). The United States Federation of
Worker Cooperatives is the only organization in the US representing worker cooperative
interests nationally. There are local networks and federations throughout the US in the San
Francisco Bay area, the Twin Cities, Portland Oregon, and Boston.
There are examples of "hybrid" co-ops in which workers and consumers both have membership
in a co-op, but the types of membership are differentiated, sometimes into districts of the
cooperative, often each district having a set amount of decision making power and profit
distribution. Hybrid co-ops are also referred to as multi-stakeholder cooperatives.
5. Consumers' cooperative: The term cooperative also applies to stores owned by
employees and customers. Members vote on major decisions; employees get discounts compared
with non-member customers. A well known example is the REI (Recreational Equipment
Incorporated) co-op. The world's largest consumer co-operative is the Co-operative Group in
the United Kingdom, which has a variety of retail and financial services.
6. Agricultural cooperative:
Farmers often maintain marketing cooperatives, some of which are government-sponsored,
which promote and may actually distribute specific commodities. Examples include:
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Cotton Incorporated (cotton),
Farmland (processed meat),
Florida's Natural Growers (citrus)
Land O'Lakes (dairy and farm supply).
Ocean Spray (cranberries and citrus),
Sunkist Growers, Incorporated (citrus fruit),
Sun-Maid (raisins),
In California and other states where it is legal, medical marijuana is generally produced by
cooperatives.
7. Credit union:
Credit unions provide a form of cooperative banking. In North America,
the caissepopulaire movement started by Alphonse Desjardins in Quebec, Canada pioneered
credit unions. Desjardins wanted to bring desperately needed financial protection to working
people. In 1900, from his home in Levis, Quebec, he opened North America's first credit union
which began the Movement Desjardins.
Credit Unions are also established in the UK. The largest are work based but many are now
offering services in the wider community.
The Association of British Credit unions, or ABCUL is the largest organization in the UK
representing the majority of Credit Unions.
8. Transport Co-Operative Societies:
Minimum number of members required is 10, coming from separate familiars. They must be
driver/cleaner/helper of motor vehicles /bus/lorry etc. Minimum share capital required is Rs.
5000/-
Other than ‘common’ organization paper, the following papers are required to be submitted –
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1. Photocopy attested of the Driving License and Certificate of helper/cleaner
from competent authority;
2. Recommendation from the Regional Transport Authority; and,
3. Quotation for vehicle.
9. Livestock (Except Dairy) Co-Operative Societies:
Minimum number of members required is 50, out of which at least 10 per cent should have
adequate knowledge in the trade with training under competent authority. Minimum share
capital to be raised is Rs. 30,000/-.
Apart from the ‘common’ organization papers, following information are necessary for
submission of the proposal—
1. Scheme/Project duly vetted by competent authority;
2. Survey report of the area of membership with emphasis on a) Location of the farm, b)
marketing facility, and c) veterinary facility; and ,
3. Recommendations from Livestock Development Officers of block/ district level.
Deposit Insurance & Credit Guaranty Corporation:
1. Which banks are insured by the DICGC?
Commercial Banks: All commercial banks including branches of foreign banks functioning in
India, local area banks and regional rural banks are insured by the DICGC.
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Cooperative Banks: All State, Central and Primary cooperative banks, also called urban
cooperative banks, functioning in States / Union Territories which have amended the local
Cooperative Societies Act empowering the Reserve Bank of India (RBI) to order the Registrar of
Cooperative Societies of the State / Union Territory to wind up a cooperative bank or to
supersede its committee of management and requiring the Registrar not to take any action
regarding winding up, amalgamation or reconstruction of a co-operative bank without prior
sanction in writing from the RBI are covered under the Deposit Insurance Scheme. At present all
co-operative banks other than those from the State of Meghalaya and the Union Territories of
Chandigarh, Lakshadweep and Dadra and Nagar Haveli are covered by the DICGC.
Primary cooperative societies are not insured by the DICGC.
2. What does the DICGC insure?
i. The DICGC insures all deposits such as savings, fixed, current, recurring, etc. deposits
except the following types of deposits
ii. (i) Deposits of foreign Governments;
iii. (ii) Deposits of Central/State Governments;
iv. (iii) Inter-bank deposits;
v. (iv) Deposits of the State Land Development Banks with the State co-operative bank;
vi. (v) Any amount due on account of and deposit received outside India
vii. (vi) Any amount, which has been specifically exempted by the corporation with the
previous approval of Reserve Bank of India
3. What is the maximum deposit amount insured by the DICGC?
Each depositor in a bank is insured upto a maximum of Rs.1,00,000 (Rupees One Lakh) for both
principal and interest amount held by him in the same right and same capacity as on the date of
liquidation/cancellation of bank's licence or the date on which the scheme of
amalgamation/merger/reconstruction comes into force.
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4. How will you know whether your bank is insured by the DICGC or not?
The DICGC while registering the banks as insured banks furnishes them with printed leaflets for
display giving information relating to the protection afforded by the Corporation to the
depositors of the insured banks. In case of doubt, depositor should make specific enquiry from
the branch official in this regard.
5. What is the ceiling on amount of Insured deposits kept by one person in different
branches of a bank?
The deposits kept in different branches of a bank are aggregated for the purpose of insurance
cover and a maximum amount up to Rupees one lakh is paid.
6. Does the DICGC insure just the principal on an account or both principal and accrued
interest?
The DICGC insures principal and interest up to a maximum amount of Rs. One lakh. For
example, if an individual had an account with a principal amount of Rs.95,000 plus accrued
interest of Rs.4,000, the total amount insured by the DICGC would be Rs.99,000. If, however,
the principal amount in that account was Rs. One lakh, the accrued interest would not be insured,
not because it was interest but because that was the amount over the insurance limit.
7. Can deposit insurance be increased by depositing funds into several different accounts
all at the same bank?
All funds held in the same type of ownership at the same bank are added together before deposit
insurance is determined. If the funds are in different types of ownership or are deposited into
separate banks they would then be separately insured.
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8. Are deposits in different banks separately insured?
Yes. If you have deposits with more than one bank, deposit insurance coverage limit is applied
separately to the deposits in each bank.
9. If I have my funds on deposit at two different banks, and those two banks are closed on
the same day, are my funds added together, or insured separately?
Your funds from each bank would be insured separately, regardless of the date of closure.
10. What is the meaning of deposits held in the same capacity and same right; and deposits
held in different capacity and different right?
If an individual opens more than one deposit account in one or more branches of a bank for
example, Shri S.K. Pandit opens one or more savings/current account and one or more
fixed/recurring deposit accounts etc., all these are considered as accounts held in the same
capacity and in the same right. Therefore, the balances in all these accounts are aggregated and
insurance cover is available up to rupees one lakh in maximum.
11. Can the bank deduct the amount of dues payable by the depositor?
Yes. Banks have the right to set off their dues from the amount of deposits. The deposit
insurance is available after netting of such dues.
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12. Who pays the cost of deposits insurance?
Deposit insurance premium is borne entirely by the insured bank.
13. When is the DICGC liable to pay?
If a bank goes into liquidation: The DICGC is liable to pay to each depositor through the
liquidator, the amount of his deposit up to Rupees one lakh within two months from the date of
receipt of claim list from the liquidator.
If a bank is reconstructed or amalgamated / merged with another bank: The DICGC pays the
bank concerned, the difference between the full amount of deposit or the limit of insurance cover
in force at the time, whichever is less and the amount received by him under the reconstruction /
amalgamation scheme within two months from the date of receipt of claim list from the
transferee bank / Chief Executive Officer of the insured bank/transferee bank as the case may be.
14. Does the DICGC directly deal with the depositors of failed banks?
No. In the event of a bank's liquidation, the liquidator prepares depositor wise claim list and
sends it to the DICGC for scrutiny and payment. The DICGC pays the money to the liquidator
who is liable to pay to the depositors. In the case of amalgamation / merger of banks, the amount
due to each depositor is paid to the transferee bank.
15. Can any insured bank withdraw from the the DICGC coverage?
No. The deposit insurance scheme is compulsory and no bank can withdraw from it.
17. What will be the Corporation’s liability to the banks on de-registration.
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The Corporation has deposit insurance liability on liquidation etc. of "Insured banks" i.e. banks
which have been de-registered (a) on account of prohibition on receiving fresh deposits or (b) on
cancellation of license or it is found that license can not be granted. The liability of the
Corporation in these cases is limited to the extent of deposits as on the date of cancellation of
registration of bank as an insured bank.
On liquidation etc. of other de-registered banks i.e. banks which have been de-registered on other
grounds such as non payment of premium or their ceasing to be eligible co-operative banks
under section 2(gg) of the DICGC Act, 1961, the Corporation will have no liability.
AMENDMENT OF BYE-LAWS
Bye-laws adopted by a cooperative society during the time of registration can be amended. It is
possible to amend some clause of the existing bye-laws of the society, which is termed as partial
amendment. If the society intends to change its old bye-laws and to function in entirely new
frame of policy, complete amendment of the bye-laws is needed.
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Decision of amending bye-laws can be taken either by the society itself, or by the Registrar (i.e.
Assistant Registrar of Cooperative Societies too.) When the society intends to amend its bye-
laws, a general meeting (annual/special) endorses this.
Resolution regarding amendment shall be adopted by the two third of the members present in
the meeting, the number being not less than one-third of the total number of members as on the
register of members on the date of issue of notice of such general meeting.
However the Registrar may register an amendment of bye-laws adopted by two-thirds of the
members present by not comprising one-third of the total number of members, if for reason to be
recorded in writing, he is satisfied that the amendment is in the interest of the society and it is
impossible for the society to secure the attendance of one-third of the total number of members.
COMPLETE AMENDMENT OF THE BYE-LAWS
Papers required for complete of bye-laws are-
Application in form VIII to be signed by the Secretary and two director;
Resolution of such meeting in duplicate ( to be attested by the Secretary of the
society) which should clearly state that the proposal has been read and confirmed,
and the new draft bye-laws have been read and adopted;
Two copies of draft bye-laws to be signed by the Secretary and two directors; and,
Application enclosed with the above- mentioned papers from the Secretary to the
Registrar through the Inspector of Cooperative societies.
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Concerned Inspector of Cooperative Societies submits the proposal to the Registrar
with his comments and recommendation.
It is to be noted in this regard that where the society is a member of a central society or an
apex society, a third a third set of the above-mentioned papers should be submitted.
PARTIAL AMENDMENT OF THE BYE-LAWS
Papers required for partial amendment of bye-laws are –
application in form VIII to be signed by the Secretary and two director of the society;
resolution of such meeting in duplicate (to be attested by the Secretary of the society)
which should clearly state that the proposal has been read and confirmed;
two copies of statement, neatly typed in fools cape white paper, to be signed by the
Secretary and two directors; and,
Application from the secretary, enclosed with the above- mentioned papers from the
Registrar through the Inspector of Cooperative societies.
Concerned Inspector of Cooperative Societies should submit the proposal to the Registrar with
his comments and recommendation.
It is to be noted in this regard that where the society is a member of a central society or an apex
society, a third a third set of the above-mentioned papers should be submitted.
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LIST OF ORGANIZATION PAPERS: GENERAL
Some of the organization papers are common as far as registration of societies is concerned. A list of such
papers are given below-
1) Application in Form;
2) Bye-laws;
3) Resolution of list organization meeting;
4) Consent letter from the financing bank, if any;
5) List of share holders (See PROFORMA);
6) Challan of suspense deposit of share money and admission fee to the nearest branch of
District Central Cooperative Bank Ltd;
7) Consent letter for office accommodation and business premises;
8) Tentative cash account showing all income and expenditure updated till the date of
submission of organization paper;
9) Tentative budget for three years (surplus should be generated at the end of each year);
10) Scheme (of work/business) vetted by the appropriate authority;
11) A certificate (if necessary) from the neighboring cooperative society stating that the promoter
members have no dues;
12) Residential proof of all the members;
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13) A forwarding letter from the Chief Organizer, submitted to Register through Inspector of
Cooperative Societies concerned;
14) One set of the organization papers should be submitted to the respective District Cooperative
Union, proper receipt of which is to be included in the set of organization papers would be
submitted to the Register;
15) Finally the organization papers would be submitted with comments of Inspector of
Cooperative Societies, specifying-
a) viability aspect of the proposed society;
b) how many societies of similar type already exist there; and
c) Performance of the existing societies.
Introduction of Bhavishya Credit Co-operative Society :
Company Profile:
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Bhavishya Credit cooperative Society is flourishing day by day. Bhavishya Group is
incorporated with the objective of providing best services & effective guidance in terms of
investment in the field of real estate and through our co-operative society.
The head office of the organization is situated in the Lake City, Udaipur.
It is our immense pleasure to introduce ourselves as one of the fastest growing co-operative
society in the Industry. As a group we are into diversified businesses like Real Estate, Dairy
Farms, hotels and resorts, etc. With this kind of exposure, group has stepped in the Co-operative
industry to establish the benchmark in the society, for that group has came up with Co-operative
society in multi state name as Bhavishya Credit Co-operative Society Limited with varied
innovative products.
An in-depth research of the market instillation of technological progresses in all our services
have made us capable of offering services in compliance with global renowned standards of
quality. We try to provide our clients with basic information related to self-regulating of
financial services in the country, so that our customers can catch a glimpse of the strict processes
needed for rendering high quality financial services in the country. Bestowed with a team of
market knowledgeable experts, we have been able to render brilliance backed services safely
well within the assured schedules of delivery. We have been focusing on exploring long lasting
solutions for our customer’s query by understanding their demands in the required manner. We
concentrate on taking care of all the financial needs of our customers from the corporate and
commercial sector.
Group has given immense growth since inception and you the opportunity to invest your money
in better way and help you in investing & getting better returns & also provides you to be a
business associate with no for better career growth.
Group is marching ahead aggressively with completion of projects like yashodra, BrijBhumi,
chandanvan & many more.
With the success in real Estate since inception, Group has stepped in the Co-operative industry to
establish the bench mark in society for that Group has came with Co-operative society in
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Udaipur District name as Bhavishya Credit Co-operative Society Limited, which enhance
the comfort level for customer of District and will give the new heights to our business.
Bhavishya Group has cultivated numerous relationship and earned trust among the customer
keeping in mind the same objective we as a group provide customer the real opportunity to take
control of their lives by investing with our Bhavishya Group has to turn their lopes & dream into
reality & live a better life.
An in-depth research of the markets instillation of technological progresses in all Bhavishya
Credit Co-operative Society’s services have made us capable and of offering services in
compliance with global renowned standards of quality.
It is trying to provide its clients with basic information related to self-regulating of financial
services in the country, so that our customers can catch a glimpse of the strict processes needed
for rendering high quality financial services in the country and other abroad.
Bestowed with a team of market knowledgeable experts, we have been able to render brilliance
backed services safely well within the assured schedules of delivery.
Bhavishya Credit Co-operative Society has been focusing on exploring long lasting solutions for
our customer’s problems by understanding their demands in the required manner. We
concentrate on taking care of all the financial needs of our customers from the corporate and
commercial sector.
Bhavishya Credit Co-operative Society’s team consists of highly qualified and experienced
professionals who are hired from the industry to render high quality services to our esteemed
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customers spanning across the country. They are highly responsible for helping us evolve as one
of the most significant names in the industry. Further, our teammates perform in perfect harmony
to find out new and varied policies for our respectable customers across the nation clients.
Bhavishya Credit Co-operative Society Quality’s Assurance:
Our experts are sufficiently trained to adhere to the worldwide parameters of rendering the most
effective financial services.
The offered services are assured of the highest returns and on-time maturity, as a result of our
expert handling of these policies.
Moreover, the efficiency and result oriented features of these plans and policies have helped us
acquire the much needed trust and confidence from our clients across the country.
Client Satisfaction:
As a client centric organization, all our hard work is channeled towards rendering high quality
and dependable services to our clients across the country.
We have hired a team of highly qualified experts comprising veteran investment experts who
empower us to choose the most profitable investment plans and thus aid in constructing long
term client relationships.
Moreover, our completely professional approach and efficiency in comprehending client
problems help us in selecting financial tools to optimize returns for our clients.
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Domain Expertise:
Owing to our intensive acquaintance to this industry, we are involved in rendering our customers
a selected assortment of insurance plans and policies.
Our team comprises CAs, CPAs, CFAs, and CS. As a result, it is highly significant to get
security under policies that can help us overcome such hurdles with a comparative quotient of
ease and transparency in our dealings.
Our team members also posses expertise in International Financial Reporting Standards (IFRS)
that enables our clients to master intricacies of practical application and implementation of IFRS.
Why Bhavishya Credit Co-operative Society:
Bhavishya Group has cultivated numerous relationships and earned trust among the customers
keeping in mind the same objective. We as a group provide customer the real opportunity to take
control of their lives by investing with us and to turn their dreams into reality.
We try to provide our clients with basic information related to self-regulating of financial
services in the country, so that our customers can catch a glimpse of the strict processes needed
for rendering high quality financial services in the country. Bestowed with a team of market
knowledgeable experts, we have been able to render brilliance backed services safely well within
the assured schedules of delivery. We have been focusing on exploring long lasting solutions for
our customer’s query by understanding their demands in the required manner. We concentrate on
taking care of all the financial needs of our customers from the corporate and commercial sector.
A comparatively new organization, we have been able to create a position in the market that is
often envied by our competitors who have been active in the industry since a longer period of
time.
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We have been the choicest option for clients across the nation, due to the following qualities of
ours:
Accurate Calculation
Timely Deliver
Cost Effective solution
Door Step Financial Services
Competent and Experienced Professionals.
Customer Focused Approach
Service Portfolio of Bhavishya Credit Co-operative Society:
We are involved in offering a wide range of Personal Loan, MIS (Monthly Income Schemes),
Fixed Deposit, Recurring Deposit and Petro Card services.
Our range of services is extensively widely known for features like reliable process approach and
flexible process approach.
Furthermore, we also ensure that the offered services are extensively demanded amongst clients
owing competitive prices and comprehensive documentation process.
We offer:
Personal Loan
MIS (Monthly Income Schemes
Fixed Deposit
Recurring Deposit
Petro Card
Certification & Membership:
Certification Name: International Organization for Standardization
Certification Type: ISO 9001:2008 (Validity: 31 July, 2014)
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Directors Panel:
MR. DAMODAR NAGDA (Chairman) :-
The Chairman of the group is a man of worth Rs. 500 crores. Mr. Nagda is a well
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Chairman
Mr. Damodar Nagda
Vice President
Mr. Sanjay Shukla
Treasurer
Mr. Rajesh Sharma
Gen. Secretary
Mr. Arvind Mehta
(Jagdish Capoor)
Joint Secretary
Mr. Jairaj Bhutara
known Business from the last 20 years. His Dairy farm business is of worth Rs. 100 Crores. He is a king of the real estate in the city of lake, Associated with various successful
projects like Yashodhara, Chandanwan, Kurabo City Etc. He is having a clear vision and mission in Society with the objective of bringing the
Bank in near future.
MR.SANJAY SHUKLA:-
The vice president of the group is a man of the finance industry from the past 23 years.
Mr. Sanjay Shukla is well qualified and known for his financial strategies and mathematical calculations.
He is an experienced person with the qualification in the financial institutions. He is pursuing the financial course that is ACTURAL SCIENCE from INDIAN
INSTITUTE OF ACTURAL SCIENCE. In between all the Co-Operative Societies based in Rajasthan, Mr. Sanjay Shukla has
been nominated for Corporate Ratna and BANDHU Award by IFFCO.
Basic Information:Business Type Service Provider
Industry Banking services
Registered Address 301, Mehta Sadan, near shukhadiya Smadihi, Durga Nursery, Udaipur - 313001, India.
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ISO 9001:2008:
ISO 9001:2008 is the International Standard for Quality Management Systems (QMS). It provides your company with a set of principles that ensure a common sense approach to the
management of your business activities to consistently achieve customer satisfaction.
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Certified by India Mart by providing trust seal:
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Registration Certificate
Year of Establishment 2011
Legal Status of Firm Registered society under Multi state Credit Cooperative Society Act
Proprietor Name Mr. Damodar Nagda
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Infrastructure:
Location TypeUrban
Building Infrastructure Permanent
Size of Premises 1,850 square feet
Team & Staff:
Total Number of Employees 11 to 25 people
No. of Research / QC Staff 6 to 25 people
No. of Skilled Staff 6 to 25 people
No. of Semi-Skilled Staff 6 to 25 people
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Statutory Profile:
Income Tax Registration No. AABAB3368GBanker Axis Bank, ICICI Bank & HDFC
BankRegistration Authority Multi state Credit Cooperative
SocietyRegistration No. MSCS/CR/474/2011
Packaging/payment and Shipment Details Profile
Payment Mode Cash/chequeCredit
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Products of Bhavishya Credit Co-operative Society:
Bhavishya Group has cultivated numerous relationships and earned trust among the customers keeping in mind the same objective. We as a group provide customer the real opportunity to take control of their lives by investing with us and to turn their dreams into reality.
1. Bhavishya F.D. Plan
2. Bhavishya M.I.S. Plan
3. Bhavishya R.D. Plan
4. Bhavishya Special R.D. Plan
5. Bhavishya Daily Deposit Plan
6. Bhavishya Double Yojna
7. Bhavishya Triple Yojna
8. Petro Card
9. Child Education Plan
10. Bal Bhavishya Yojna
11. Palm Valley
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Interest Rates effective from 1st July, 2011 Bhavishya Credit Cooperative Society offers different periodicities for deposits ranging between 3 months to 5 years with undoubtedly attractive rate of Interest.Just have a look at the Rate of Interest offered by the society.
1.Bhavishya F.D. Plan:
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Time Period Simple Interest
Rate
Special Interest
rate*
3 Months 6% 7%
6 months 7% 8%
9 Months 8% 9%
1 Year 10% 11%
2 Year 11% 12.00%
3 Year 11.25% 12.25%
4 Year 11.50% 12.50%
5 Year 12.00% 12.85%
Initial Amount Rs.5000
Special Interest* For Persons, Who are:
Persons who are 50 years and above, Ladies, Physically Challenged persons, Retired Persons,
Members of Armed Forces, Retired Defense personnel, Employees of State & Central
Government, All Employees of Financial Sector, Insurance Companies or Employees of any Co-
Operative establishment, Local Bodies, Trusts, AOP , Bhavishya Credit Co-operative Society
Ltd. regular member (Minimum 1 share holder).
2. Bhavishya M.I.S. Plan:
Time
Period
Interest
Rate
Special
Interest
rate*
Monthly Maturity
Amount
1-2 Year 11.25% 12.25% Rs.93.7 Rs.102.50 Principle Amount +
Bonus
3-4 Year 11.75% 12.50% Rs.97 Rs.104 Principle Amount +
Bonus
5-6 Year 12.00% 12.85% Rs.100 Rs.108 Principle Amount +
Bonus
Monthly Installment 10000
Special Interest* for persons, who are:
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Persons who are 50 years and above, Ladies, Physically Challenged persons, Retired Persons,
Members of Armed Forces, Retired Defense personnel, Employees of State & Central
Government, All Employees of Financial Sector, Insurance Companies or Employees of any Co-
Operative establishment, Local Bodies, Trusts, AOP , Bhavishya Credit Co-operative Society
Ltd. regular member (Minimum 1 share holder).
3. Bhavishya R.D. Plan:
Time Period Interest rate Maturity Amount at
Rs.100
12 Months 7% Rs.1245
24 Months 9.5% Rs.2518
36 Months 10% Rs.3785
60 Months 11% Rs.6335
72 Months 12% Rs.7638
4. Bhavishya Special R.D. Plan:
Time Period Interest RateMaturity Amount at Rs.
1000
1 Year 9.10% 13775
2 Year 9.30% 27488
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3 Year 9.50% 41272
4 Year 10.50% 58290
5 Year 11% 76775
5. Bhavishya Daily Plan:
Time Period Interest RateMaturity Amount per
day at Rs. 100
3 Months 6% Rs.9068
6 Months 9% Rs.18420
9 Months 11% Rs.28118
1 Year 12% Rs.38696
6. Bhavishya Double Yojna:
After 5 Years 6 Months Deposit Amount becomes Double
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7. Bhavishya Triple Yojna:
After 9 Years Deposit Amount becomes Triple
8. Petro Card:
Bhavishya Credit Co-Operative Society Ltd.-an organization specialized in capital management
has been launched ‘Bhavishya Petro cards’, a scheme where a card holder can buy petrol from
any petrol pump in India, without paying.
However petro card is not new to many of people, but, it is a first co-operative society in India to
introduce this service. Through this card, one can purchase a fixed amount of petrol for 365 days,
from any petrol pump in Udaipur or anywhere in India.
There are three plans available for the customers, Plan A – Rs. 16000, Plan B – Rs. 31000, Plan
C-Rs. 61000 and Plan D- Rs.121000. After choosing any one plan, the customer needs to pay the
amount and his Bhavishya Petro Card will be active. The card works exactly the way your debit
card does.
There are three kinds of petro cards are available in Bhavishya Credit Co-Operative Society
Maximizer Petro Card
Aggressive Petro Card
Balancer Petro Card
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Petro Cards
Maximizer
Petro Card
Aggressive
Petro Card
Balancer
Petro Card
Maximizer Petro Card :
Features:
Term: 13+47 Months
Maturity Term: 60 Months
Payment Mode: Single
Locking Period: 60 Months
Deposit Benefits Maturity AmountRs. 16000 Rs. 50/-Petrol/Diesel/day for
365 days
Rs.20000/-
Rs. 31000 Rs. 100/-Petrol/Diesel/day
for 365 days
Rs. 35000/-
Rs. 61000 Rs. 200/-Petrol/Diesel/day
for 365 days
Rs. 70000/-
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Rs. 121000 Rs. 400/-Petrol/Diesel/day
for 365 days
Rs. 140000/-
Maturity amount is available on the submission of petro card and Bond only. Petro card will be activated on 31st day from the date of receipt of payment. All cheque and D.D will be in favor of “Bhavishya credit Co-Operative Society Ltd.
Aggressive Petro Card :
Feature s:
Activation Period-15 Days
Scheme- 1 Year
No Locking Period
Deposit Benefits
Rs. 16000 Rs. 55/-Petrol/Diesel/day for 365 days
Rs. 31000 Rs. 110/-Petrol/Diesel/day for 365 days
Rs. 61000 Rs. 210/-Petrol/Diesel/day for 365 days
Rs. 121000 Rs. 410/-Petrol/Diesel/day for 365 days
Maturity amount is not available.
Credit is done on Saturday.
1 card & Rs. 10 stamp agreement is provided.
All cheque and D.D will be in favor of “Bhavishya credit Co-Operative Society Ltd.
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Balancer Petro Card :
Features :
Activation Period- 2 Months
Scheme- 2 Years (1 Year regular Payment & 2nd Year alternate payment)
No Locking Period
Deposit Benefit
Rs. 16000 Rs. 50/-Petrol/Diesel/day for 365 days
Rs. 31000 Rs. 100/-Petrol/Diesel/day for 365 days
Rs. 61000 Rs. 200/-Petrol/Diesel/day for 365 days
Rs. 121000 Rs. 400/-Petrol/Diesel/day for 365 days
Maturity amount is not available.
1 card & Rs. 10 stamp agreement is provided.
All cheque and D.D will be in favor of “Bhavishya credit Co-Operative Society Ltd.
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Petro Card is an attractive Scheme of Bhavishya Credit Co-Operative Society, Which attract the
customers more. At the time of payment of maturity amount, the customer of petro card has to
deposit the given bond & the petro card also.
9. Child Education Plan:
As one of the leading service providers in the market, Bhavishya Credit Co-Operative Society
offers to its client’s safe and secured Bhavishya Surkshit Shiksha Yojna solutions for their
children.
Our child education plan is structured as per the variegated needs of the parents regarding the
future of their children. We consult our clients properly as they are pretty nervous and confused
regarding the future security of their children.
Its child education plan is structured as per the variegated needs of the parents regarding the
future of their children.
Bhavishya Credit Co-Operative Society consults to its clients properly as they are pretty nervous
and confused regarding the future security of their children.
Its highly experienced financial advisors provide proper guidance to our clients and explain all
the benefits that help them to secure the future of their children.
Features-
Entry Age- 5-25 Yrs.
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Term- 1 Year, 2 Year, 3 Year, 4 Year, 5 Year
Mode of Deposit- Single
Locking Period will be equal to term.
Top up facility available on Anniversary date only
Minimum deposit will
S. No.
InvestmentMonthly
ScholarshipMaturity Amount
1 5000 50 5000 + Bonus2 10000 100 10000 + Bonus3 20000 200 20000 + Bonus4 30000 300 30000 + Bonus5 50000 500 50000 + Bonus6 100000 1000 100000 + Bonus7 200000 2000 200000 + Bonus8 300000 3000 300000 + Bonus9 400000 4000 400000 + Bonus10 500000 5000 500000 + Bonus
Benefits:
1% Child income benefit will be given to child per month of the deposit on parent’s death.
Parents have right to transfer their investment into real estate as and when required.
Child will get 1.1% additional Scholarship on deposit if he/she get more than 45%-85%
marks.
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Child will get 1.5% Additional scholarship on deposit if he/she gets more than 85%
marks.
10. BAL Bhavishya Yojna
Features:
Entry Age: 0-18 Years
Mode of Deposit – Cheque / Cash / DD
Deposit Term- Single, Monthly
Minimum Deposit- Rs. 1000/- per month
Locking period will be equal to term
Surrender value/ prematurity will be equal to interest of R.D
S.N. Investment
per Month
Investment
Term
Maturity Amount
60 Months 120 Months 180 Months
1. 1000/- 25 months 51000/-* 121000/-* 251000/-*
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For single deposit maturity bonus will be 64358/- for 25 months (Scheme.)
Waiver of deposit will be given to child in case of parent’s death / disability
1% Child income benefit will be given to child every month on the death of parents.
Settlement option available
11. Palm Valley :
Palm Valley is the resort of the Bhavishya Credit Co-Operative Society.
It is a membership plan, in which if investor invest the money than he / she can get membership
in this resort & club.
Membership Plan for 36 Months:
S .N. Membership
fee
Monthly Compensation
for 24 Month
Monthly compensation
for next 12 Month
1 Rs. 5000 Rs. 139 Rs. 555
2 Rs. 10000 Rs. 278 Rs. 1111
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3 Rs. 20000 Rs. 556 Rs. 2222
4 Rs. 30000 Rs. 834 Rs. 3333
5 Rs. 50000 Rs. 1390 Rs. 5555
6 Rs.100000 Rs. 2780 Rs. 11111
7 Rs. 200000 Rs. 5560 Rs. 22222
8 Rs. 300000 Rs. 8340 Rs. 33333
9 Rs. 400000 Rs. 11120 Rs .44444
10 Rs. 500000 Rs. 13900 Rs. 55555
Customers’ investment shall be transferred to property as & when customer demand.
In case of surrender the rate interest will 12% per annum.
Membership plan for 36 Month:
S .N. Membership
fee
Monthly
Compensation for 36
Month
Maturity Amount
1 Rs. 5000 Rs. 75 Rs. 5900
2 Rs. 10000 Rs. 150 Rs. 11800
3 Rs. 20000 Rs. 300 Rs.23600
4 Rs. 30000 Rs.450 Rs. 35400
5 Rs. 50000 Rs. 750 Rs. 59000
6 Rs.100000 Rs. 1500 Rs.118000
7 Rs. 200000 Rs. 3000 Rs.236000
8 Rs. 300000 Rs. 4500 Rs. 354000
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9 Rs. 400000 Rs. 6000 Rs.472000
10 Rs. 500000 Rs. 7500 Rs. 590000
Customer can surrender the agreement after 6 months from the date of agreement.
Either party shall terminate the agreement by giving 15 day prior Information.
12.Kurabo City:
Bhavishya Group is strongly positioned in the reality and infrastructure segment of Udaipur and
is making steady inroads allover India in the field of Reality and Hospitality.
These are the pioneers in bringing quality and affordable housing to all strata of society and
adding great value to their properties to the tune of 200%-300% through quality practices and
futuristic vision for growth.
Presently it is conceiving an ambitious integrated Township of area ranging up to 400 acres near
Udaipur District.
Bhavishya believes in the business mantra “Value for Money” and propagates “Serving for
future”. It is one of the companies in India to offer developed land with maximum area at low
rates.
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The professional team members of Bhavishya family are engaged around the clock to ensure all
around satisfaction to its customers and partners.
Kurabo City “integrated Township” is the township which is completely conceptualized and is
being built by Bhavishya. It’s a visionary project by Bhavishya to address the issue of supply of
land for urban housing, infrastructure of the ever growing Udaipur metropolis.
Bhavishya as a developer has solely assembled the land by paying private landowners the
prevalent market price. Bhavishya as a developer plans development as per the town planning
norms in force builds houses & infrastructure & sells the plots, houses etc., at market rates.
The role of government organizations in this process is that of a facilitator and a regulator of
town planning, environmental & social welfare norms instead of controller and provides of land
for urban growth.
Kurabo city integrated townships large self-sufficient enclaves with Homes, schools, Offices,
Work places, Malls, Multiplexes, Private Security & High Quality Water, Sewage & Solid waste
management system. The size of its township is 400 acres; it is geographically located in Village
(Kurabad, Todi & Lalpura of Girwa Tehsil, Udaipur district which is the being promoted and
developed as satellite town for Udaipur city. Kurabo city is the new face of urbanization.
The rationale behind the conceptualization of “Kurabo City” integrated township is three fold.
1. Rising demand among the growing and prospering middle class for better housing and
providing minimum level of good urban governance and services water, sewerage,
waste management, road network, transfer and power.
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2. Shortage of resources faced by governments to fund infrastructure.
3. Realization of the necessity to liberalize supply of land for urban growth and
infrastructure among government, since cities are centers of economic growth.
The benefits of integrated Township “Kurabo City”
Coping with the spurt in economic activity led urban growth.
India has embarked on massive infrastructure development and industrialization under
public private partnerships, leading to a spurt in economic activities and consequent
influx of people in a short time into a specific area where the buzz of the activity is
maximum.
Local government and other government agencies operating in that particular area do not
always have the resources to cope up with the housing and urban infrastructure needs that
the sudden inflow of population bring with it.
Creation of integrated township in such cases may be an appropriate way of creating and
supporting urban growth with the middle class looking after itself, it allows the
government to focus on poor.
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Developing theme cities to become globally competitive.
Every country in a globalization and competitive world is trying to create unique
properties within world-class with rising expectations disappointed with the failure of
public sector to delivers good urban governance and good quality of urban life.
“Kurabo City” is build on idea of developing well ordered walled living spaces with
quality construction and amenities such as 24 hour running water supply, drainage
system, power backup, parks, club houses with Gym, swimming pool, places of worship,
own public.
In Kurabo City there is 1200 bigha land is available out of which 300 Bigha land has
been sold for “Akshardham temple” and 75 Bigha has been donated. Approxe 700 bigha
land is available for investment to the customers.
Here if customer buys 1000 sq. feet land than he will have to pay Rs.51000.
51000
After 1 year
75000
Investment Buy Back
Two choices are available
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RESEARCH METHODOLOGY
Primary objective:
To study How Bhavishya Credit Co-Operative Society differentiates its products and services & what Objectives Bhavishya Credit Co-Operative society has been formed are as follows:
To render service to its members instead of making profits. It encourages a state mutual help in the place of competition. It assures a state of self-help in the place of dependence. It develops a state of moral solidarity in the place of unfair business activities.
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Market Research….
Secondary objective:
1. To do a comparative study of various alternative investing option of Bhavishya Credit
Co-Operative Society and products and services.
2. To study the loop holes if any of Bhavishya Credit Co-Operative Society.
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Research Methodology
NATURE OF THE STUDY
EXPLORATORY
SOURCE OF DATA COLLECTION
SAMPLING DESIGN
1. Research Design:
Definition: "A research design is the arrangement of condition for collection and analysis of
data in a manner that to combine relevance to research purpose with economy in procedure”. The
research design helps the researcher organize his ideas in a form whereby it will be possible for
him/her to look for flaws and inadequacies.
2. Objective of Study:
The major objectives of the research study are:
Examine the psychographics of services of Bhavishya Credit Co-Operative Society to its
customers.
Prove the perception of customers towards the Co-Operative Society.
To judge awareness level of Bhavishya Credit Co-Operative Society’s’ products &
services amongst people.
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PRIMARY DATA
COLLECTIONSTRUCTURE
D QUESTIONN
AIRE
SAMPLE
UNIT :
BHAVISHYA CREDI
T CO.
SOCIETY
CUSTOMER
S
SAMPLE
SIZE :-
70
BHAVISHY
A CRED
IT CO. SOCIETY
CUSTOME
RS
SAMPLE
METHOD
RANDOM
SAMPLING
LIMITATION :-
SAMPLE SIZE ARE
WAS VERY LIMITED.
IT IS ONLY FOR THE
BHAVISHYA CREDIT
CO. SOCIETY
CUSTOMERS.
To find out the customer expectations from Bhavishya Credit Co-Operative Society.
III) Sources of Primary and Secondary Data
One major aim of this project was to how the cooperative society works with respect to their
customers and companies products & offerings. Therefore I had to gain knowledge about the
different products of its products and their various functionalities with respect to Bhavishya
Credit Cooperative Society and how the other Cooperative Societies are doing well in the same
aspect. In order to accumulate this knowledge. I had to go through a lot of secondary data
namely Bhavishya Credit Cooperative Society’s Annual Report and products & services of
Bhavishya Credit Cooperative Society collected from internet. The only way this project could
have been done was' by collecting primary data from the common man For this purpose a
detailed structured questionnaire was made and tested before being put to use.
IV) Sampling Design
a) Target Segment: - Those customers who are the users of products of Bhavishya Credit
Cooperative Society.
b) Time boundary: 15 June 2012 to 25th July 2012.
C) Characteristics: - To know the perception of customers for using Bhavishya Credit
Cooperative Society’s products & services.
d) Environmental condition: Feasible in all possible economic scenarios.
e) Tools & Techniques: - Questionnaire & Excel Sheet.
f) Demographics of Respondents:-
Age : (20-55+) years
Occupations : Student or business or service or others
Sex : Male or Female
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Marital Status : Married or Single
V). Sampling method
Sample size 70
DATA ANALYSIS & OBSERVATION
Demographic profile of the investors
Demographic profile
no. of respondents
Percent Perception/ feedback
Age
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Data analysis….
25 and below 26 27.7 risk moderate
26-35 39 41.5 risk lover
36-45 18 19.1 Highly risk lover
46-55 05 5.3 moderate
56 and above 06 6.4 Neutral
Attraction of Customers towards Product & Services of
Bhavishya Credit Cooperative Society:
No. of RespondentsAge Yes No Neutral
25 and below 70 30 0
26-35 65 35 0
36-45 74 20 6
46-55 65 20 15
56 and above 67 27 6
70
No. of Respondents Yes
25 and below 26-35 36-45 46-55 56 and above
No. of Respondents No
25 and below 26-35 36-45 46-55 56 and above
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No. of Respondents Neutral
25 and below 26-35 36-45 46-55 56 and above
Demographical profile
No of respondent
percent Perception/ feedback
Less than higher secondary
1 1.8 Neutral
Higher secondary
11 11.7 moderate
undergraduate
53 56.4 Risk Lover
72
postgraduate 29 30.9 Highly risk lover
What % of money do the customers usually invest from their
earnings?
Chart Nuteral moderate Risk LoverHighly risk lover
Family monthly earnings
Less than 10000
Respondents Percent Perception/ feedback
11000-20000 33 35.1 Neutral
21000-30000 22 23.4 Moderate
31000-40000 10 10.6 Risk M0derate
73
41000-50000 10 10.6 Risk Lover
Above 50000 9 9.6 Highly Risk Lover
Chart
Nuteral
Moderate
Risk M0derate
Risk Lover
Highly Risk Lover
What are the investment objectives of customers?
Age
Group
Purpose
25 and below 26-35 36-45 46-55 56 and above
Return 40 45 35 30 40Savings 30 15 5 30 30Safety 15 20 20 20 20Tax Saving 15 20 40 20 10
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25 and below
26-35 36-45 46-55 56 and above
Purpose Age Group
0
5
10
15
20
25
30
35
40
45
50
Series1Series2Series3Series4Series5Series6
Which avenues do the customers want to look for investment?
Age Group
Products
25 and below
26-35 36-45 46-55 56 and above
Kurabo City 20 30 45 5 0
Petro Card 65 50 40 30 20F.D/ R.D 20 40 40 50 60Child Education plan 10 20 40 40 20Bal Bhavishya plan 15 30 40 40 20Monthly Income Scheme 25 35 40 45 50
75
25 and below
123456
26-35
123456
76
36-45
123456
46-55
123456
77
56 and above
123456
From what sources customers come to know about Bhavishya Credit
Co-operative Society:
Particulars No. of Respondents Percentage
Newspaper 15 20%
Friends & Relatives 57 76%
Employment Exchange 3 4%
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No. Of Responds Percentage0
10
20
30
40
50
60
70
80
1520
57
76
3 4
NewsPaper
Friends & Relatives
Employment Exchange
Is Bhavishya Credit Co-operative Society faithful to customers or not?
No. of RespondentsAge Yes No Neutral
25 and below 65 30 5
26-35 60 20 20
36-45 62 30 8
46-55 65 20 15
56 and above 58 30 12
79
No. of Respondents
Age 25 and below 26-35 36-45 46-55 56 and above
SWOT Analysis
SWOT ANALYSIS
In applying the SWOT analysis it is necessary to minimize or avoid both weaknesses and threats
of Credit Co-Operative Society. Weaknesses should be looked at in order to convert them into
strength. Like wised, threat should be converted into opportunities. Lastly, strengths and
opportunities should be matched to optimize the potential of Bhavishya Credit Co-Operative.
Strength:
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Low average Risk to value ratio.
Growth in urban market.
It offers services such as buyback proposals.
It Offers Products like F.D, R.D, M.I.S, Petro Card, and Kurabo City etc.
Free standing instructions available only in Bhavishya Credit Co-Operative Society.
Preferential pricing for loan against securities, home loans.
Certified under Multi Credit Co-Operative Society Act.
Certified Under ISO 9001:2008.
Certified by Trust Seal of India Mart.
Customers Sustainability
More number of branches as compared to others in low time period.
More focus in rural areas.
Weakness
Does not have updated software.
Not Certified under DICGC Act
Opportunity
Growth in demand-driven by improved affordability
Rising disposable income
Affordable interest rates
Generally stable property prices
Increasing urbanization & Increased network of outlets.
Can target to the small investors not only in urban areas but also to the rural area.
Providing employment opportunity to youngsters.
Threats
Competition from other societies is very high.
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Conclusion….
The SWOT analysis shows the competitive strategy of BHAVISHYA CREDIT
COOPERATIVE SOCIETY especially in widening its networks, continuous up gradation
of technology (Fine wire by i-flex) for reduction in OCR (Overall Cost Reduction) and its
specific geographical(Rural banking),demographical strategy will bring to serve as a best
cooperative Society in India.
The Competitor Analysis show that it has to focus more to increase its branches.
The survey throws light on various Issues that the customer faces in the market.
Analyzing the findings it can be said that good customer relationship raises awareness
among the people. There are tough competitions and thus there exists a lot of room to
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improve so as to become the market leader from all aspects. The only thing is the making
of and implementation of the proper strategy in the best effective way.
The BHAVISHYA CREDIT COOPERATIVE SOCIETY LTD. believes in adopting and
adhering to the best practices and continuously benchmarking itself against each such
practice in the industry. The Society understands and respects its fiduciary role and
responsibility to Customers and Employees and strives hard to meet their expectations..
Transparent disclosures and shareholder empowerment are necessary for creating customer
value. The cardinal principles such as independence, Accountability, responsibility,
transparency, fair and timely disclosures, and credibility serve as the means for
implementing the philosophy of corporate governance in letter and in spirit. The banks
employees are very friendly among their coordinates and also to their customers.
Suggestions Bhavishya credit Co-operative Society should have updated software.
It should be insured by DICGC ( Deposit Insurance & Credit Guaranty Corporation)
It should provide affordable interest to its customers.
It should increase urbanization as well as focus on rural areas.
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ANNEXURE
QUESTIONNAIRE
Q. 1. Personal Details
Name: ______________________________________________________________
Age (in years): ______________________________________________________________
Q.2 Gender:
Male Female
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Q.3 Please mark the category you belong to:
Senior Citizen Government Employee Professional
Retailer House-wife
Contact No.: ______________________________________
Email id: ______________________________________
Q.4 Gross Annual Incomes:
Below 60,000 60,000 - 100,000
100,000 - 140,000 Above 140,000
Q.5 Do the products and Schemes attract you?
Yes No
Q.6 What percent of money do you usually invest from your earnings? (Please tick)
Below 10% 10%-20% 20%-40%
40%-60% Above 60%
Q.7 What are your investment objectives? (Please tick)
Return Savings Safety Tax Saving
Q. 8 which avenues do you look to invest your money in future? (Please tick)
Kurabo city Petro Card Service F.D/R.D
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Child Education Plan Bal Bhavishya Yojna M.I.S Plan
Q. 9 From Which source did you come to know about the job at Bhavishya Credit Cooperative
Society Ltd?(Please Tick)
Newspapers
Friends & relatives
Employment Exchange
Private agencies
Q.10 Is Bhavishya Credit Cooperative Society faithful to you? (Please tick)
Yes
No
BIBLIOGRAPHY
Prospectus Of Bhavishya Credit Cooperative Society
E-Links:
www.google.com
www.suvidha.com
www.ask.com
www.bhavishyagroup.com
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