Frequently Asked Question
What is The VISHAY Co-Operative Credit Society Ltd..?
The VISHAY JABIL AND HELVOET EMPS CO OPARATIVE CREDIT SOCIETY is a Co-Operative Society registered under MAHARASTRA Co-Operative Societies Act 1960.
by Registration no.31227. VISHAY JABIL AND HELVOET EMPS CO OPARATIVE CREDIT SOCIETY strictly abides by the MAHARASHTRA Co-Operative Societies 1960
and doing Finance business among society members.
Are the deposits or shares with the society safe & secured?
Yes, because Government of India has framed the laws/rules to ensure the security and safety of deposits and VISHAY JABIL AND HELVOET EMPS
CO OPARATIVE CREDIT SOCIETY strictly abides by the rules and regulations framed by State Government.The State Co-Operative Societies Act 1960 and its rule 1961.
What is the purpose of a Cooperative Society?
These three types of business organizations have many things in common, e.g. they all need money, skilled staff and good management. But they differ in their
most important aspect, their purpose. The main purpose of a private business organization is to make money. Those who have put in money in the business want
to gain a good profit. The purpose of the public enterprise is to offer services to the public: transport, electricity, water, telephone etc. And, finally,
the purpose of a cooperative society is to serve the needs of the members, e.g. farm inputs, insurance, loans, advice, information etc. As you can see, the
purpose of the private business firm is very simple: to make money (if it is easy to make money is another story). The other two types place other purposes
first : service to the public and, in the case of cooperatives serving the needs of the members.
Why Cooperatives ?
Cooperative enterprises, which follow cooperative principles and in the cooperative tradition, have many benefits. Although the specific benefits of each cooperative varies depending on the organization and the needs of its members, several benefits are almost universal:
- 01. Cooperatives save money
There is no owner/operator to take a profit from the customer; the customer is the owner of a cooperative. Members ensure that their cooperative business is to full fill the members need.
- 02. Cooperatives demonstrate economic democracy
In an investor-owned corporation the people who have the most money and shares have the most control over the way the business is run. In a cooperative each member has an equal share and one vote when decisions are made. This is known as economic democracy.
- 03 Cooperatives operate for the benefit of member/owners
In a cooperative, those with Similar needs act together and pool their resources for mutual gain. As a democratic entity, a cooperative changes with the changing needs of its members.
- 04 Cooperatives are non-profit
In a cooperative no one person reaps the benefits if the business has been profitable. After bills are paid and money is set aside for operations and improvements, all profits are returned to cooperative members. In a cooperative, the purpose is not to make money, but to save it.
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 the basic need of members, other co-operative institutions.
What is the difference between VISHAY JABIL AND HELVOET EMPS CO OPARATIVE CREDIT SOCIETY and Financial Companies?
VISHAY JABIL AND HELVOET EMPS CO OPARATIVE CREDIT SOCIETY Ltd. is registered under 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. VISHAY JABIL AND HELVOET EMPS CO OPARATIVE CREDIT 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 VISHAY JABIL AND HELVOET EMPS CO OPARATIVE CREDIT 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 VISHAY JABIL AND HELVOET EMPS CO OPARATIVE CREDIT SOCIETY you are not only an investor you are a member of the society.