KM Employees Credit Co-operative Society
Kalyani Mahavidyalaya Employees' Cooperative Credit Society is a financial institution formed by the whole-time employees within the college to provide financial services and support to its members. These societies are typically formed to help members save money, obtain loans at reasonable rates, and achieve financial stability.
Key Features of an Employee's Cooperative Credit Society
- Membership: Membership is usually restricted to employees of the same organization or industry. Each member contributes to the society's capital and has a say in its operations.
- Savings: Members can save money in the form of deposits (Called Thrift Fund). These savings can earn interest, providing a safe and rewarding way to manage personal finances.
- Loans: One of the primary functions is to provide loans to members at lower interest rates compared to commercial banks. These loans can be for various purposes, such as education, home improvement, medical emergencies, or other personal needs.
- Mutual Benefit: The society operates on the principle of mutual benefit. Profits generated from interest on loans and other activities are often redistributed among members in the form of dividends/ Interest.
- Governance: The society is typically governed by a board of directors elected by the members. This democratic structure ensures that the society operates in the best interests of its members.
- Financial Education: Our society provide financial education and counseling to the members to promote better financial management and planning.
Benefits of Kalyani Mahavidyalaya Employees' Cooperative Credit Society
- Accessibility: Easier access to financial services for employees, especially those who might find it difficult to obtain credit from traditional banks.
- Lower Interest Rates: Loans are usually offered at more favorable reducing interest rates.
- Community Support: Encourages a sense of community and mutual support among members.
- Financial Inclusion: Promotes financial inclusion by providing services to employees who might otherwise be underserved by traditional financial institutions.
Challenges
- Management: Effective and transparent management is crucial to avoid mismanagement and ensure the society’s sustainability.
- Regulatory Compliance: Adhering to regulatory requirements can be complex and requires diligent oversight.
- Risk Management: Proper risk assessment and management are essential to maintain the financial health of the society.
The Board of Directors
- Sri Prasanta Roy, Chairman
- Dr. Koushik Chatterjee, Vice-chairman
- Sri Priyam Kumar Roy, Secretary
- Dr. Barnali Das, Treasurer
- Sri Indrajit Bandyopadhyay, Director
- Dr. Amit Kumar Sarkar, Director
- Sri Pintu Das, Director
- Smt. Sampa Rani Bhadra, Director
- Sri Sourav Debnath, Director
Audit Report of Last Five Years
