Enriching People’s Lives with Sarvodaya Credit, Inspiring Personal Growth
Sarvodaya was governed under Rajasthan Cooperative Society Act 2001 in the present.
Sarvodaya Credit Cooperative Society is a financial organization managing financial transactions amongst its members under the act of Cooperatives Societies. The society is registered under Government of Rajasthan- Act 2001 having registration No. 1471V. The society meticulously adhere all the rules of Government of Rajasthan-States Cooperative Society Act2001.
The Government of Rajasthan has formed rules to ensure the security of the deposits with Credit Cooperative Societies and it is mandatory by law for all registered societies to operate within those regulatory acts. According to these rules, any cooperative society is to have minimum 10% investment in share market and their own funds. Sarvodaya Credit Cooperative Society follows all existing parameters of fund sufficiency those formed by Government of India. The accounts of society are subject to audit by audit department and audit reports are then submitted to Registrar Office for their governance.
HISTORY OF CREDIT CO-OPERATIVE SOCIETIES
At the time of India’s independence, famine and poverty were major issues. The priority work of the Indian Government at that time was to Eradicate Poverty. Inter-and intra-state discrepancies in terms of economics and overall well-being also remained large. For this, many of the economic welfare schemes were introduced. The division of resources, as well as wealth, is uneven in India. This disparity creates different poverty ratios for different states.
The Government has initiated, sustained and refined many programs since independence to help the poor to attain economic self sufficiency. Economic development through cooperative societies was one of the most important and successful scheme. This was the time when the CREDIT COOPERATIVE SOCIETIES CAME INTO EXISTENCE. The cooperative societies were created and registered by the government at village level.