The purpose of this credit society is to promote the economic and social progress of its members
through thrift, self-reliance, and cooperation. To achieve this objective, the society will perform the following functions:
Thrift & Savings
To inculcate the habit of saving among its members.
Safe Investments
To arrange for the safe investment of this money.
Affordable Loans
To arrange for loans to be given to members at reasonable interest rates as needed.
Financial Assistance
To provide financial help and manage household item sales/purchases for members.
Loan Agency
To act as an agent for loan transactions on behalf of the government.
Women Empowerment
To manufacture, purchase, and sell items for the economic upliftment of women members.
Social & Recreational
To develop and implement programs for members' social and recreational development.
General Functions
To perform other necessary functions to achieve these objectives.
Insurance Schemes
To implement group health, life, and accident insurance schemes for members.
Membership
Only that MARKFED Employee can be a member of this credit society who lives in the area of operation of the credit society and who has MARKFED regular/contract employment or has completed 05 years of service as a daily wage employee of MARKFED. Along with the application for membership, an entry fee of Rs. 100/- (One hundred rupees) and a minimum of 50 (fifty) shares i.e. Rs. 5000/- (Five thousand rupees) must be deposited.
Share Capital
It is mandatory for every member to accept a share. However, no member can own shares worth more than 1/3 of the total share capital collected to date. The Executive Committee (Board of Directors) has the authority to accept shares, and the amount can be deposited in one lump sum. As per Section 24 of the Madhya Pradesh Cooperative Societies Act 1960, no member shall hold shares exceeding Rs. 20,000/- in value.
Compulsory Deposit
- Each member must deposit a compulsory security amount of Rs. 300/- per month.
- In addition to compulsory security, the society may also collect savings and fixed deposits from members.
- Interest rates on these deposits shall be as determined by the Executive Committee from time to time.
- Loans will be sanctioned only up to a certain limit on the basis of the amount deposited under compulsory security, as per Executive Committee’s decisions.
- Compulsory security will be refunded only after the member withdraws from the society.
- Deposits will be accepted only from members; non-members are not eligible to deposit funds.
Loan Facility
Loans will be provided only to members of the society. If a member requires a loan, they must submit an application to the society's chairman, stating the purpose, amount required, duration, and proposed security. The Executive Committee reserves the right to accept or reject loan applications. Additionally, the member must declare that they have not availed of any loan from another organization.