“Give a Man a Fish, and You Feed him for a Day.
Teach a Man to Fish, and You feed him for a Lifetime”Cooperatives around the world operate on a set of seven core principles and values, adopted by the International Co-operative Alliance. Cooperatives trace the roots of these principles to the first modern cooperative founded in Rochdale, England in 1844. The seven Cooperative Principles are:
i. Voluntary Membership:
ii. Democratic Member Control
iii. Members’ Economic Participation
iv. Autonomy and Independence
v. Education, Training, and Information
vi. Cooperation Among Cooperatives
vii. Concern for Community
There are more than 85500 cooperatives in India. It is the desire of Government of India that common man should be a part of development of Nation and through cooperation every family should achieve prosperity. So Government has created a Ministry for cooperation to strengthen, modernise, computerise, bring transparency and to create competitiveness. In line with the aspirations of Government, at CFCICI, we work with deprived, underprivileged population, help them to become members of Society and support them in meeting their short term and long term financial goals. The collective effort of the Society is expected to be instrumental in raising the standard of living of its members. We support those who have little access to main stream banking by providing financial assistance, by way of small ticket loans to acquire, to establish and nourish a profitable economic activity through financial inclusion. Contributions from its members and committed work force make CFCICI an energised organisation and it has now entered into an orbit of fast growth. We have deployed good technology and innovative vehicles to achieve accelerated growth in capital and business. We have been able to give good dividends to our shareholder members. As and when Society get regulatory approvals Society will be further shoring up capital and expanding its branch network.
I invite you to explore this opportunity as a gateway into the cooperative world, by becoming members of CFCICI and enjoy attractive interest rates for your deposits and take benefit of innovating lending schemes and loan products offered on liberal terms. The relationship once created, will continue forever. We promise we will put in allefforts to see to it that you satisfied with all our services.
Cooperatives around the world operate according on a set of seven core principles and values, adopted by the International Co-operative Alliance. Cooperatives trace the roots of these principles to the first modern cooperative founded in Rochdale, England in 1844. The seven Cooperative Principles are:
Membership in a cooperative is open to all people who can reasonably use its services and stand willing to accept the responsibilities of membership, regardless of race, religion, gender, or economic circumstances
Democratic Member Control
Cooperatives are democratic organizations controlled by their members, who actively participate in setting policies and making decisions. Representatives (directors) are elected from among the membership and are accountable to them. Members have equal voting rights
Members’ Economic Participation
Members contribute equitably to, and democratically control, the capital of their cooperative. At least part of that capital remains the common property of the cooperative. Members allocate surpluses for any or all of the following purposes: (i) developing the cooperative(ii) setting up reserves (iii) benefiting members in proportion to their transactions with the cooperative; and (iv) supporting other activities approved by the members.
Autonomy and Independence
Cooperatives are autonomous, self-help organizations controlled by their members. If they enter into agreements with other organizations, including governments, or raise capital from external sources, they do so on terms that ensure democratic control as well as their unique identity
Education, Training, and Information
Education and training for members, elected representatives (directors), CEOs, and employees help them effectively contribute to the development of their cooperatives. Communications about the nature and benefits of cooperatives, particularly with the general public and opinion leaders, help boost cooperative understanding
Cooperation Among Cooperatives
By working together through local, national, regional and international structures, cooperatives improve services, bolster local economies, and deal more effectively with social and community needs.
Concern for Community
Cooperatives work for the sustainable development of their communities through policies supported by the membership.
At CFCICI our motto is to help the members in meeting their short term and long term financial goals. The collective effort of the Society is expected to be instrumental in raising the standard of living of its members, who are largely unserved or underserved by the main stream Banking fraternity. We believe in the saying “Give a Man a Fish, and You Feed him for a Day. Teach a Man to Fish, and You feed him for a Lifetime” and practice it in CFCICI by providing financial assistance, by way of small ticket loans to acquire, to establish and nourish a profitable economic activity.
The Society is contributing towards the growth of the members and in turn be a channel for the financial development of the nation and thus participates in the Financial Inclusion programme and Nation building activity in a humble way. The Society recognizes its role and identifies and sponsors various socially responsible projects from time to time.
It is because of the contributions from its members and its employees that CFCICI is energised and I am proud to note that it has now entered into an orbit of faster growth. We have deployed innovative vehicles to achieve accelerated growth.
The results are heart-warming. We have reached a business level of 425 Crores(Deposits and loans). Our owned funds by way of Share Capital and reserves surged to over Rs.18 Crores. We are consistently operating in profit and for the FY 2019-20 we have distributed a dividend of 12% to the shareholder members. In the coming years, it would be the endeavour of the Society to increase its branch outlets and also to extend its footprints in other geographies of the country, subject to the required regulatory sanctions. This will help us for extending services to more prospective members.
The Society will continue to abide by the Cooperative principles enshrined in the Multi State Cooperative Society Act 2002. The Multistate Credit Cooperative Societies are progressive organizations envisaged with Intrastate growth opportunities. With our experience in financial business, we are continuously endeavouring in forging to improve performance, reduce costs, and build strong, innovative cooperative business. We are targeting to reach an important Mile stone of Rs.1000 Crores in Business by the end of FY 2020-21.
As a Society, we strive to attain success in ways that reflect the integrity of the people, employees and business partners. Our success is a direct result of our focus on the stake holders