Visualizing the scope for interest-free banking and financial services in India, before close of last century a group of people across India initiated to register a multi-state Cooperative Credit Society; and accordingly by 15th January 2001 Aasra Cooperative Credit Society Ltd was registered vide registration No. MSCS/CR/115/2000. Though the basic object of Aasra Cooperative Credit Society is to provide interest free banking and finance, its registered bye-laws is complying with the Acts and Rules (like MSCS Act 2002 and MSCS Rules 2002) set for Multi State Societies framed by the department of Cooperation, Ministry of Agriculture, Government of India. So this interest-free society shall be abiding by its registered bye-laws without over ruling relevant acts and rules.
Please be noted that we are neither any bank, nor any NBFC, but just a registered multi state Cooperative Credit Society. Aasra is unique Multi-State Cooperative Credit Society as it the first and the only Multi-State Cooperative Credit Society with permission to cater interest free banking and financial services in 16 major states of India.
By 2nd December 2008, Society incorporated few changes in registered Bye-laws including change in its registered office. Accordingly w.e.f. 02.12.2008, the registered office of Aasra has been shifted from Delhi to Mumbai. Accordingly the amount of authorized share capital of the society has been increased to Rs. 50 crores.