A PROJECT REPORT ON BHAVISHYA CREDIT CO-OPERATIVE SOCIETY A BRIGHTER ROAD TO FUTURE Training Undertaken at Bhavishya Credit Cooperative Society

Ltd, UDAIPUR

Submitted in partial fulfillment for the Award of degree of Master of Business Administration (2011-13) IN PACIFIC INSTITUTE OF MANAGEMENT (AFFILIATED TO RAJASTHAN TECHNICAL UNIVERSITY, KOTA)

SUBMITTED TO:
Mr. Sanjay Shukla Vice President B.C.C.S.L UDAIPUR

SUBMITTED BY:
Neelam Tiwari Pacific Institute of Management MBA PART II (3rd Sem.)

Acknowledgement

Practical training is one of the most important requirements in MBA. Through this acknowledgement, I express my sincere gratitude towards Bhavishya Credit Co-operative Society Ltd. and all those persons who helped me in my training programme over here. My TRAINING with Bhavishya Credit Co-operative Society LTD. was truly a rewarding & knowledgeable one. At the end it has served the purpose for which it has been designed by making me well acquainted with the practices, procedures, strategies in organization. It is my privilege to acknowledge the encouragement and guidance provided to me by Mr. Damodar Nagda Mr. Sanjay Shukla, Mr. Rajesh Sharma, Mr. Arvind Mehta, Mr. Jairaj Bhutara and Mr. Rajesh Pandya and all the directors of BCCSL during my internship. This project report has been made possible by the help and support of the Staff of Bhavishya Credit Co-operative Society LTD, UDAIPUR. I wish to convey my special thanks to Ms. Ruchika Mogra, Mr. Varun Jain & Mrs. Richa Sharma for providing me with all necessary help and support that was really required for completing my project report.

Abstract
A co-operative Society is a financial entity which belongs to its members, who are at the same time the owners and the customers of their society. Co-operative societies are often created by persons belonging to the same local or professional community or sharing a common interest Bhavishya Credit cooperative Society is flourishing day by day. Bhavishya Group is incorporated with the objective of providing best services & effective guidance in terms of investment in the field of real estate and through our co-operative society. An in-depth research of the market instillation of technological progresses in all our services have made us capable of offering services in compliance with global renowned standards of quality. We try to provide our clients with basic information related to self-regulating of financial services in the country, so that our customers can catch a glimpse of the strict processes needed for rendering high quality financial services in the country. The project also encompasses, identifies the scope and various parameters, a customer would look into while transacting with society for certain scheme. The main aim of Bhavishya Credit Co-operative Society is to get profit as well as providing better product and services to its customers & satisfaction also. It fulfills its social responsibility also towards its customers. Overall analysis has been done, keeping in mind the various customer segments like businessmen, salaried people, students and others, consideration while opting for any Investing Decision The SWOT analysis shows the pitfalls and identifies the opportunities available for Bhavishya Credit Co-operative Society. It says there are several product and services are available for customers of Bhavishya Credit Co-operative Society.

INDEX

S. No.

CONTENT

PAGE NO.

Meaning & Definition of Co-operative Society

Introduction of Co-operative Society

3.

History of Co-operative Society

4.

Principles of Co-operative Society

11

Characteristics of Co-operative Society

12

6.

Advantages of Co-operative Society

14

7.

Types of Co-operative Society

16

8.

Formation of Co-operative Society

19

9.

Registration of Co-operative Society

20

10.

Amendment Bye Laws

31

11.

Bhavishya Credit Co-operative Society-Company profile

35

12.

Directors panel

40

13.

Products of Bhavishya Credit Co-operative Society

47

14.

Market Research

65

15.

Data Analysis

69

16.

SWOT Analysis

80

17.

Conclusion

82

18.

Suggestions

83

19.

Questionnaire

84

20.

Bibliography

86

Bhavishya Credit Co-operative Society

A Brighter Road to Future
What do you mean by co-operative society?
The meaning and definition of co-operative society: A co-operative society is a voluntary association started with the aim of service of its members. It is a form of business where individuals belonging to the same class join their hands for the promotion of their common goals. These are generally formed by the poor people or weaker section people in the society. It reflects the desire of the poor people to stand on their own legs or own merit. The philosophy of the formation of co-operative society is "all for each and each for all". Section 4, of the Indian Co-operative Societies Act, 1912 defines a cooperative "as a society which has its objective the promotion of economic interest of its members in accordance with cooperative principles". According to Calvert, a co-operative denotes a form of organization wherein persons voluntarily associate together as human beings on the basis of equality for the promotion of economic interests of themselves.

CO-OPERATIVE SOCIETY IN INDIA Introduction of credit co-operative Societies A co-operative Society is a financial entity which belongs to its members, who are at the same time the owners and the customers of their society. Co-operative societies are often created by persons belonging to the same local or professional community or sharing a common interest. Co-operative societies generally provide their members with a wide range of financial services (loans, deposits, banking accounts etc.)

Credit Co-operative Societies differ from stockholder banks by their organization, their goals, their values and their governance. In most countries, they are supervised and controlled by banking authorities and have to respect prudential banking regulations, which put them at a level playing field with stockholder banks. Depending on countries, this control and supervision can be implemented directly by state entities or delegated to a co-operative federation or central body. Co-operative society institutions take deposits and lend money in most parts of the world. Cooperative societies, includes retail banking, as carried out by credit unions, mutual savings and loan associations, building societies and co-operatives, as well as commercial banking services provided by manual organizations (such as co-operative federation) to co-operative business.

Customer-owned entities: In co-operative societies, the needs of the customers meet the needs of the owners, as co-operative society members are both. As a consequence, the first aim of a cooperative society is not to maximize profit but to provide the best possible products and services to its members. Some co-operative society only operate with their members but most of them also admit non-member clients to benefit from their banking and financial services. and financial services.

Democratic member control: Co-operative societies are owned and controlled by their members, who democratically elect the board of directors. Members usually have equal voting rights, according to the co-operative principle of one person, one vote.

History of co-operative societies in India:

For the co-operative society in India, co-operatives are organized groups of people and jointly managed and democratically controlled enterprises. They exist to serve their and democratically controlled enterprises. They exist to serve their members and depositors and produce better benefits and services for them.

Professionalism in co-operative society reflects the co-existence of high level of skills and standard in performing, duties entrusted to an individual. Co-operative Society needs performing, duties entrusted to an individual. Co-operative Society needs current and future development in information technology. It is indeed necessary for cooperative society to devote adequate attention for maximizing their returns on every unit of resources through effective services.

Co-operative societies & banks have completed 100 years of existence in India. They play a very important role in the financial system.

The Co-Operative Society in India form an integral part of our money market today. Therefore, a brief resume of their development should be taken into account. The history of cooperative society goes back to the year 1904. In 1904, the co-operative credit society act was enacted to encourage co-operative movement in India.

The first phase of co-operative society development was the formation and regulation of cooperative society. The constitutional reforms which led to the passing of the Government of India Act in 1919 transferred the subject of Cooperation from Government of India to the Provincial Governments. The Government of Bombay passed the first State Cooperative societies Act in 1925 which not only gave the movement, its size and shape but was a pace setter of co-operative activities and stressed the basic concept of thrift, self help and mutual aid. This marked the beginning of the second phase in the history of Co-operative Credit Institutions.

There was the general realization that urban banks have an important role to play in economic construction. This was asserted by a host of committees. The Indian Central 39. The co-operative societies are expected to perform some duties, namely, extend all types of credit facilities to customers in cash and kind, advance consumption loans, extend banking facilities in rural areas, mobilize deposits, supervise the use of loans etc.

The co-operative societies are expected to perform some duties, namely, extend all types of credit facilities to customers in cash and kind, advance consumption loans, extend banking facilities in rural areas, mobilize deposits, supervise the use of loans etc. The needs of cooperative bank are different. They have faced a lot of problems, which has affected the development of co-operative banks. Therefore it was necessary to study this matter.

Profit allocation:
In a co-operative society, a significant part of the yearly profit, benefits or surplus is usually allocated to constitute reserves. A part of this profit can also be distributed to the co-operative members, with legal or statutory limitations in most cases.

Profit is usually allocated to members either through a patronage dividend, which is related to the use of the co-operatives products and services by each member, or through an interest or a dividend, which is related to the number of shares subscribed by each member. Co-operative societies are deeply rooted inside local areas and communities.

They are involved in local development and contribute to the sustainable development of their communities, as their members and management board usually belong to the communities in which they exercise their activities. By increasing banking access in areas or markets where other societies are less present, farmers in rural areas, middle or low income households in urban
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areas - co-operative societies reduce banking exclusion and foster the economic ability of millions of people. Co-operative societies play an influential role on the economic growth in the countries in which they work in and increase the efficiency of the international financial system. Their specific form of enterprise, relying on the above38 mentioned principles of organization, has proven successful both in developed and developing countries.

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PRINCIPLES OF CO-OPERATIVE SOCIETIES The 7 co-operative principles are:

1. Voluntary and open membership 2. Democratic member control 3. Member economic participation 4. Autonomy and independence 5. Education, training and information 6. Co-operation among Co-operatives 7. Concern for Community

A co-operative bank is a financial entity which belongs to its members, who are at the same time the owners and the customers of their bank. Co-operative banks are often created by persons belonging to the same local or professional community or sharing a common interest. Co-operative banks generally provide their members with a wide range of banking and financial services (loans, deposits, banking accounts...).

Co-operative banks differ from stockholder banks by their organization, their goals, their values and their governance. In most countries, they are supervised and controlled by banking authorities and have to respect prudential banking regulations, which put them at a level playing field with stockholder banks. Depending on countries, this control and supervision can be implemented directly by state entities or delegated to a co-operative federation or central body.

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CHARACTERISTICS OF CO-OPERATIVE SOCIETIES

A co-operative society is a special type of business organization different from other forms of organization you have learnt earlier. Let us discuss its characteristics.

i. Open membership: The membership of a Co-operative Society is open to all those who
have a common interest. A minimum of ten members are required to form a cooperative society. The Cooperative societies Act do not specify the maximum number of members for any cooperative society. However, after the formation of the society, the member may specify the maximum number of members.

ii. Voluntary Association: Members join the co-operative society voluntarily, that is, by
choice. A member can join the society as and when he likes, continue for as long as he likes, and leave the society at will.

iii. State control: To protect the interest of members, co-operative societies are placed under
state control through registration. While getting registered, a society has to submit details about the members and the business it is to undertake. It has to maintain books of accounts, which are to be audited by government auditors.

iv. Sources of Finance: In a co-operative society capital is contributed by all the members.
However, it can easily raise loans and secure grants from government after its registration.

v. Democratic Management: Co-operative societies are managed on democratic lines.

The society is managed by a group known as Board of Directors. The members of the board of directors are the elected representatives of the society. Each member has a single vote,
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irrespective of the number of shares held. For example, in a village credit society the small farmer having one share has equal voting right as that of a landlord having 20 shares.

iv. Service motive: Co-operatives are not formed to maximize profit like other forms of
business organization. The main purpose of a Co-operative Society is to provide service to its members. For example, in a Consumer Co-operative Store, goods are sold to its members at a reasonable price by retaining a small margin of profit. It also provides better quality goods to its members and the general public.

v. Separate Legal Entity: A Co-operative Society is registered under the Co-operative

Societies Act. After registration a society becomes a separate legal entity, with limited liability of its members. Death, insolvency or lunacy of a member does not affect the existence of a society. It can enter into agreements with others and can purchase or sell properties in its own name. Cooperative Society

vi. Distribution of Surplus: Every co-operative society in addition to providing services to

its members also generates some profit while conducting business. Profits are not earned at the cost of its members. Profit generated is distributed to its members not on the basis of the shares held by the members (like the company form of business), but on the basis of members participation in the business of the society. For example, in a consumer co-operative store only a small part of the profit is distributed to members as dividend on their shares; a major part of the profit is paid as purchase bonus to members on the basis of goods purchased by each member from the society.

vii. Self-help through mutual cooperation: Co-operative Societies thrive on the

principle of mutual help. They are the organizations of financially weaker sections of society. Co-operative Societies convert the weakness of members into strength by adopting the principle
13

of self-help through mutual co-operation. It is only by working jointly on the principle of Each for all and all for each, the members can fight exploitation and secure a place in society.

ADVANTAGES OF CO-OPERATIVE SOCIETIES

A Co-operative form of business organization has the following advantages:

i. Easy Formation: Formation of a co-operative society is very easy compared to a joint

stock company. Any ten adults can voluntarily form an association and get it registered with the Registrar of Co-operative Societies.

ii. Open Membership: Persons having common interest can form a co-operative society.
Any competent person can become a member at any time he/she likes and can leave the society at will.

iii. Democratic Control: A co-operative society is controlled in a democratic manner. The

members cast their vote to elect their representatives to form a committee that looks after the day-to-day administration. This committee is accountable to all the members of the society.

iv. Limited Liability: The liability of members of a co-operative society is limited to the
extent of capital contributed by them. Unlike sole proprietors and partners the personal properties of members of the co-operative societies are free from any kind of risk because of business liabilities.

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v. Elimination of Middlemens Profit: Through co-operatives the members or

consumers control their own supplies and thus, middlemens profit is eliminated.

vi. State Assistance: Both Central and State governments provide all kinds of help to the
societies. Such help may be provided in the form of capital contribution, loans at low rates of interest, exemption in tax, subsidies in repayment of loans, etc.

vii. Stable Life: A co-operative society has a fairly stable life and it continues to exist for a
long period of time. Its existence is not affected by the death, insolvency, lunacy or resignation of any of its members.

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 Types of Co-operative Banks & Societies:

The co-operative societies are small-sized units which operate both in urban and non-urban centers. They finance small borrowers in industrial and trade sectors besides professional and salary classes. Regulated by the Agriculture Head, they are governed by the Banking Regulations Act 1949 and banking laws (co-operative societies) act, 1965.

The Co-Operative society structure in India is divided into following 5 components:

Primary or District Level Co-operative Credit Society

The primary co-operative credit society is an association of borrowers and non-borrowers residing in a particular locality. The funds of the society are derived from the share capital and deposits of members and loans from central co-operative banks. The borrowing powers of the members as well as of the society are fixed. The loans are given to members for the purchase of cattle, fodder, fertilizers, pesticides, etc.

Central Level co-operative Society

These are the federations of primary credit societies in a district and are of two types those having a membership of primary societies only and those having a membership of societies as well as individuals.

The funds of the society consist of share capital, deposits, loans and overdrafts from state cooperative society and joint stocks. These societies provide finance to member societies within the limits of the borrowing capacity of societies. They also conduct all the business of a joint stock bank.

State Level co-operative Society

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The state co-operative society is a federation of central co-operative bank and acts as a watchdog of the co-operative banking structure in the state. Its funds are obtained from share capital, deposits, loans and overdrafts from the Agriculture Income. The state cooperative societies lend money to central co-operative societies and primary societies and not directly to the farmers.

Land development Society

The Land development societies are organized in 3 tiers namely; state, central, and primary level and they meet the long term credit requirements of the farmers for developmental purposes. The state land development societies oversee, the primary land development societies situated in the districts and tehsil areas in the state.

Urban Co-operative Society

The term Urban Co-operative Societies (UCSs), though not formally defined, refers to primary co-operative society located in urban and semi-urban areas. These societies, till 1996, were allowed to lend money only for non-agricultural purposes. This distinction does not hold today. These societies were traditionally centered on communities, localities work place groups. They essentially lend to small borrowers and businesses. Today, their scope of operations has widened considerably. The origins of the urban co-operative society movement in India can be traced to the close of nineteenth century. Inspired by the success of the experiments related to the cooperative movement in Britain and the co-operative credit movement in Germany, such societies were set up in India. Co-operative societies are based on the principles of cooperation, mutual help, democratic decision making, and open membership. Cooperatives represented a new and

17

alternative approach to organization as against proprietary firms, partnership firms, and joint stock companies which represent the dominant form of commercial organization.

Co-Operative Societies mainly rely upon deposits from members and non-members and in case of need, they get finance from either the district central co-operative bank which they are affiliated or from the apex co-operative bank if they work in big cities where the apex bank has its Head Office. They provide credit to small scale industrialists, salaried employees, and other urban and semi-urban residents.

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FORMATION OF CO-OPERATIVE SOCIETIES

A Co-operative Society can be formed as per the provisions of the Co-operative Societies Act, 1912.

At least ten persons having the capacity to enter into a contract with common economic objectives, like farming, weaving, consuming, etc. can form a Co-operative Society.

A joint application along with the bye-laws of the society containing the details about the society and its members has to be submitted to the Registrar of Co-operative Societies of the concerned state. After scrutiny of the application and the byelaws, the registrar issues a Certificate of Registration.

Requirements for Registration:

1. Application with the signature of all members

2. Bye-laws of the society containing:

(a) Name, address and aims and objectives of the society;

(b) Names, addresses and occupations of members;

(c) Mode of admitting new members;

(d) Share capital and its division.

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REGISTRATION OF COOPERATIVE SOCIETY AND AMENDMENT OF BYE-LAW

Primary Cooperative Societies

To be registered by Department Of Cooperation

To be registered by other Department

1. To be registered by Department of Cooperation:

-Primary Agricultural Credit Societies Farmers Service Societies (FSS) -Employed Credit Cooperative Societies

(PACS)

(ECCS)

Unemployed Engineers Cooperative Societies Labor Contract & Construction Societies Housing Cooperative Societies Horticulture Cooperative Societies Primary Cooperative Credit Societies Consumers Cooperative Societies Transport Cooperative Societies Livestock Cooperative Societies
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2. To be registered by Other Department: Weavers Cooperative Societies( To be registered by director of Handloom) Fisherman Cooperative Societies Large size of Adivasi Multipurpose Cooperative Society (LAMPS) ( To be registered by Managing Director West Bangal Tribal development Cooperative corporation Industrial Cooperative Societies ( To be registered by director of SSI)

Registration of a cooperative society mainly the bye-laws framed by proposed cooperative society being formally accepted and sanctioned by the Register on behalf of the State Government. Please note that the word Register shall mean Assistant Register of Cooperative Societies of respective district or Deputy Register of Cooperative Societies of respective zone.

A society will be registered only after proposal for registration is forwarded by the Inspector of Cooperative Societies with his recommendation to the Register. Entry point norms for different categories of cooperative are different. But it should be noted that the norms may vary time to time as per order of the Register of Cooperative Societies. While forwarding a proposal, the Inspector should see that the following conditions are fulfilled the area of membership of the society should be contiguous, the unit being Ward (Municipality/Corporation Area) and Gram Panchayat;

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no member of the society should be involved in the same category of business which the society intends to do ; members of a society should belong to the same class and occupation; category of membership should be strictly adhered to (i.e. men cannot members of women` cooperative and so on); no apex or central society will be registered unless it has among its applicants at least six primary societies; every society should use the word Limited at the end of the name of the society; and, Area of membership as per convention, of two similar types of societies should not overlap.

1. Housing Cooperative: A housing cooperative is a legal mechanism for ownership of

housing where residents either own shares (share capital co-op) or have membership and occupancy rights in a not-for-profit continuing co-operative (non-share capital co-op).

2.

Retailers'

cooperative:

A retailers'

cooperative is

an

organization

which

employs economies of scale on behalf of its members to get discounts from manufacturers and to pool marketing. It is common for locally-owned grocery, hardware stores and pharmacies. The well-known Best Western hotel chain is actually a giant cooperative, although it now prefers to call itself a "nonprofit membership association." It gave up on the "cooperative" label after the courts kept insisting on calling it a franchisor despite its nonprofit status.

3. Utility cooperative: A utility cooperative is a public utility that is owned by its customers
(an arrangement also known as a consumer cooperative). In the US, many such cooperatives were formed to provide rural electrical and telephone service as part of the New Deal. See Rural Utilities Service.
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4. Worker cooperative: A worker cooperative is a cooperative owned and operated by its

"worker-owners". There are no outside, or consumer owners, in a worker's cooperative - only the workers own shares of the business. Unions are often unnecessary in worker cooperatives because the workers have direct control over the management and ownership of the business they are negotiating with themselves. Some worker cooperatives still choose to become members of local unions for particular reasons - the printing industry is one example in which union shops often receive a special market of business (union members). The United States Federation of Worker Cooperatives is the only organization in the US representing worker cooperative interests nationally. There are local networks and federations throughout the US in the San Francisco Bay area, the Twin Cities, Portland Oregon, and Boston. There are examples of "hybrid" co-ops in which workers and consumers both have membership in a co-op, but the types of membership are differentiated, sometimes into districts of the cooperative, often each district having a set amount of decision making power and profit distribution. Hybrid co-ops are also referred to as multi-stakeholder cooperatives.

5. Consumers' cooperative: The term cooperative also applies to stores owned by

employees and customers. Members vote on major decisions; employees get discounts compared with non-member customers. A well known example is the REI (Recreational Equipment Incorporated) co-op. The world's largest consumer co-operative is the Co-operative Group in the United Kingdom, which has a variety of retail and financial services.

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6. Agricultural cooperative:
Farmers often maintain marketing cooperatives, some of which are government-sponsored, which promote and may actually distribute specific commodities. Examples include:

Cotton Incorporated (cotton), Farmland (processed meat), Florida's Natural Growers (citrus) Land O'Lakes (dairy and farm supply). Ocean Spray (cranberries and citrus), Sunkist Growers, Incorporated (citrus fruit), Sun-Maid (raisins),

In California and other states where it is legal, medical marijuana is generally produced by cooperatives.

7. Credit union:
Credit unions provide a form of cooperative banking. In North America,

the caissepopulaire movement started by Alphonse Desjardins in Quebec, Canada pioneered credit unions. Desjardins wanted to bring desperately needed financial protection to working people. In 1900, from his home in Levis, Quebec, he opened North America's first credit union which began the Movement Desjardins. Credit Unions are also established in the UK. The largest are work based but many are now offering services in the wider community. The Association of British Credit unions, or ABCUL is the largest organization in the UK representing the majority of Credit Unions.

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8. Transport Co-Operative Societies:

Minimum number of members required is 10, coming from separate familiars. They must be driver/cleaner/helper of motor vehicles /bus/lorry etc. Minimum share capital required is Rs. 5000/Other than common organization paper, the following papers are required to be submitted 1. Photocopy attested of the Driving License and Certificate of helper/cleaner from competent authority;

2.

Recommendation from the Regional Transport Authority; and,

3.

Quotation for vehicle.

9. Livestock (Except Dairy) Co-Operative Societies:

Minimum number of members required is 50, out of which at least 10 per cent should have adequate knowledge in the trade with training under competent authority. Minimum share capital to be raised is Rs. 30,000/-. Apart from the common organization papers, following information are necessary for submission of the proposal 1. Scheme/Project duly vetted by competent authority;

2. Survey report of the area of membership with emphasis on a) Location of the farm, b) marketing facility, and c) veterinary facility; and ,

3. Recommendations from Livestock Development Officers of block/ district level.

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Deposit Insurance & Credit Guaranty Corporation:

1. Which banks are insured by the DICGC? Commercial Banks: All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC. Cooperative Banks: All State, Central and Primary cooperative banks, also called urban cooperative banks, functioning in States / Union Territories which have amended the local Cooperative Societies Act empowering the Reserve Bank of India (RBI) to order the Registrar of Cooperative Societies of the State / Union Territory to wind up a cooperative bank or to supersede its committee of management and requiring the Registrar not to take any action regarding winding up, amalgamation or reconstruction of a co-operative bank without prior sanction in writing from the RBI are covered under the Deposit Insurance Scheme. At present all co-operative banks other than those from the State of Meghalaya and the Union Territories of Chandigarh, Lakshadweep and Dadra and Nagar Haveli are covered by the DICGC. Primary cooperative societies are not insured by the DICGC. 2. What does the DICGC insure? i. The DICGC insures all deposits such as savings, fixed, current, recurring, etc. deposits except the following types of deposits ii. iii. iv. v. vi. vii. (i) Deposits of foreign Governments; (ii) Deposits of Central/State Governments; (iii) Inter-bank deposits; (iv) Deposits of the State Land Development Banks with the State co-operative bank; (v) Any amount due on account of and deposit received outside India (vi) Any amount, which has been specifically exempted by the corporation with the previous approval of Reserve Bank of India

26

3. What is the maximum deposit amount insured by the DICGC? Each depositor in a bank is insured upto a maximum of Rs.1,00,000 (Rupees One Lakh) for both principal and interest amount held by him in the same right and same capacity as on the date of liquidation/cancellation of bank's licence or the date on which the scheme of

amalgamation/merger/reconstruction comes into force.

4. How will you know whether your bank is insured by the DICGC or not? The DICGC while registering the banks as insured banks furnishes them with printed leaflets for display giving information relating to the protection afforded by the Corporation to the depositors of the insured banks. In case of doubt, depositor should make specific enquiry from the branch official in this regard.

5. What is the ceiling on amount of Insured deposits kept by one person in different branches of a bank? The deposits kept in different branches of a bank are aggregated for the purpose of insurance cover and a maximum amount up to Rupees one lakh is paid.

6. Does the DICGC insure just the principal on an account or both principal and accrued interest? The DICGC insures principal and interest up to a maximum amount of Rs. One lakh. For example, if an individual had an account with a principal amount of Rs.95,000 plus accrued interest of Rs.4,000, the total amount insured by the DICGC would be Rs.99,000. If, however, the principal amount in that account was Rs. One lakh, the accrued interest would not be insured, not because it was interest but because that was the amount over the insurance limit.
27

7. Can deposit insurance be increased by depositing funds into several different accounts all at the same bank? All funds held in the same type of ownership at the same bank are added together before deposit insurance is determined. If the funds are in different types of ownership or are deposited into separate banks they would then be separately insured.

8. Are deposits in different banks separately insured? Yes. If you have deposits with more than one bank, deposit insurance coverage limit is applied separately to the deposits in each bank.

9. If I have my funds on deposit at two different banks, and those two banks are closed on the same day, are my funds added together, or insured separately? Your funds from each bank would be insured separately, regardless of the date of closure.

10. What is the meaning of deposits held in the same capacity and same right; and deposits held in different capacity and different right? If an individual opens more than one deposit account in one or more branches of a bank for example, Shri S.K. Pandit opens one or more savings/current account and one or more fixed/recurring deposit accounts etc., all these are considered as accounts held in the same capacity and in the same right. Therefore, the balances in all these accounts are aggregated and insurance cover is available up to rupees one lakh in maximum.

28

11. Can the bank deduct the amount of dues payable by the depositor? Yes. Banks have the right to set off their dues from the amount of deposits. The deposit insurance is available after netting of such dues.

12. Who pays the cost of deposits insurance? Deposit insurance premium is borne entirely by the insured bank.

13. When is the DICGC liable to pay? If a bank goes into liquidation: The DICGC is liable to pay to each depositor through the liquidator, the amount of his deposit up to Rupees one lakh within two months from the date of receipt of claim list from the liquidator. If a bank is reconstructed or amalgamated / merged with another bank: The DICGC pays the bank concerned, the difference between the full amount of deposit or the limit of insurance cover in force at the time, whichever is less and the amount received by him under the reconstruction / amalgamation scheme within two months from the date of receipt of claim list from the transferee bank / Chief Executive Officer of the insured bank/transferee bank as the case may be.

14. Does the DICGC directly deal with the depositors of failed banks? No. In the event of a bank's liquidation, the liquidator prepares depositor wise claim list and sends it to the DICGC for scrutiny and payment. The DICGC pays the money to the liquidator who is liable to pay to the depositors. In the case of amalgamation / merger of banks, the amount due to each depositor is paid to the transferee bank.

29

15. Can any insured bank withdraw from the the DICGC coverage? No. The deposit insurance scheme is compulsory and no bank can withdraw from it. 17. What will be the Corporations liability to the banks on de-registration. The Corporation has deposit insurance liability on liquidation etc. of "Insured banks" i.e. banks which have been de-registered (a) on account of prohibition on receiving fresh deposits or (b) on cancellation of license or it is found that license can not be granted. The liability of the Corporation in these cases is limited to the extent of deposits as on the date of cancellation of registration of bank as an insured bank. On liquidation etc. of other de-registered banks i.e. banks which have been de-registered on other grounds such as non payment of premium or their ceasing to be eligible co-operative banks under section 2(gg) of the DICGC Act, 1961, the Corporation will have no liability.

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AMENDMENT OF BYE-LAWS
Bye-laws adopted by a cooperative society during the time of registration can be amended. It is possible to amend some clause of the existing bye-laws of the society, which is termed as partial amendment. If the society intends to change its old bye-laws and to function in entirely new frame of policy, complete amendment of the bye-laws is needed.

Decision of amending bye-laws can be taken either by the society itself, or by the Registrar (i.e. Assistant Registrar of Cooperative Societies too.) When the society intends to amend its byelaws, a general meeting (annual/special) endorses this.

Resolution regarding amendment shall be adopted by the two third of the members present in the meeting, the number being not less than one-third of the total number of members as on the register of members on the date of issue of notice of such general meeting.

However the Registrar may register an amendment of bye-laws adopted by two-thirds of the members present by not comprising one-third of the total number of members, if for reason to be recorded in writing, he is satisfied that the amendment is in the interest of the society and it is impossible for the society to secure the attendance of one-third of the total number of members.

COMPLETE AMENDMENT OF THE BYE-LAWS

Papers required for complete of bye-laws are

Application in form VIII to be signed by the Secretary and two director;

Resolution of such meeting in duplicate ( to be attested by the Secretary of the society) which should clearly state that the proposal has been read and confirmed, and the new draft bye-laws have been read and adopted;

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Two copies of draft bye-laws to be signed by the Secretary and two directors; and,

Application enclosed with the above- mentioned papers from the Secretary to the Registrar through the Inspector of Cooperative societies.

Concerned Inspector of Cooperative Societies submits the proposal to the Registrar with his comments and recommendation.

It is to be noted in this regard that where the society is a member of a central society or an apex society, a third a third set of the above-mentioned papers should be submitted.

PARTIAL AMENDMENT OF THE BYE-LAWS

Papers required for partial amendment of bye-laws are application in form VIII to be signed by the Secretary and two director of the society;

resolution of such meeting in duplicate (to be attested by the Secretary of the society) which should clearly state that the proposal has been read and confirmed;

two copies of statement, neatly typed in fools cape white paper, to be signed by the Secretary and two directors; and,

Application from the secretary, enclosed with the above- mentioned papers from the Registrar through the Inspector of Cooperative societies.

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Concerned Inspector of Cooperative Societies should submit the proposal to the Registrar with his comments and recommendation. It is to be noted in this regard that where the society is a member of a central society or an apex society, a third a third set of the above-mentioned papers should be submitted.

LIST OF ORGANIZATION PAPERS: GENERAL

Some of the organization papers are common as far as registration of societies is concerned. A list of such papers are given below1) Application in Form;

2) Bye-laws;

3) Resolution of list organization meeting;

4) Consent letter from the financing bank, if any;

5) List of share holders (See PROFORMA);

6) Challan of suspense deposit of share money and admission fee to the nearest branch of District Central Cooperative Bank Ltd;

7) Consent letter for office accommodation and business premises;

8) Tentative cash account showing all income and expenditure updated till the date of submission of organization paper;

9) Tentative budget for three years (surplus should be generated at the end of each year);

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10) Scheme (of work/business) vetted by the appropriate authority;

11) A certificate (if necessary) from the neighboring cooperative society stating that the promoter members have no dues;

12) Residential proof of all the members;

13) A forwarding letter from the Chief Organizer, submitted to Register through Inspector of Cooperative Societies concerned;

14) One set of the organization papers should be submitted to the respective District Cooperative Union, proper receipt of which is to be included in the set of organization papers would be submitted to the Register;

15) Finally the organization papers would be submitted with comments of Inspector of Cooperative Societies, specifyinga) viability aspect of the proposed society; b) how many societies of similar type already exist there; and

c) Performance of the existing societies.

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Introduction of Bhavishya Credit Co-operative Society:

Company Profile:
Bhavishya Credit cooperative Society is flourishing day by day. Bhavishya Group is incorporated with the objective of providing best services & effective guidance in terms of investment in the field of real estate and through our co-operative society. The head office of the organization is situated in the Lake City, Udaipur. It is our immense pleasure to introduce ourselves as one of the fastest growing co-operative society in the Industry. As a group we are into diversified businesses like Real Estate, Dairy Farms, hotels and resorts, etc. With this kind of exposure, group has stepped in the Co-operative industry to establish the benchmark in the society, for that group has came up with Co-operative society in multi state name as Bhavishya Credit Co-operative Society Limited with varied innovative products. An in-depth research of the market instillation of technological progresses in all our services have made us capable of offering services in compliance with global renowned standards of quality. We try to provide our clients with basic information related to self-regulating of financial services in the country, so that our customers can catch a glimpse of the strict processes needed for rendering high quality financial services in the country. Bestowed with a team of market knowledgeable experts, we have been able to render brilliance backed services safely well within the assured schedules of delivery. We have been focusing on exploring long lasting solutions for our customers query by understanding their demands in the required manner. We concentrate on taking care of all the financial needs of our customers from the corporate and commercial sector. Group has given immense growth since inception and you the opportunity to invest your money in better way and help you in investing & getting better returns & also provides you to be a business associate with no for better career growth. Group is marching ahead aggressively with completion of projects like yashodra, BrijBhumi, chandanvan & many more.
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With the success in real Estate since inception, Group has stepped in the Co-operative industry to establish the bench mark in society for that Group has came with Co-operative society in Udaipur District name as Bhavishya Credit Co-operative Society Limited, which enhance the comfort level for customer of District and will give the new heights to our business.

Bhavishya Group has cultivated numerous relationship and earned trust among the customer keeping in mind the same objective we as a group provide customer the real opportunity to take control of their lives by investing with our Bhavishya Group has to turn their lopes & dream into reality & live a better life. An in-depth research of the markets instillation of technological progresses in all Bhavishya Credit Co-operative Societys services have made us capable and of offering services in compliance with global renowned standards of quality.

It is trying to provide its clients with basic information related to self-regulating of financial services in the country, so that our customers can catch a glimpse of the strict processes needed for rendering high quality financial services in the country and other abroad.

Bestowed with a team of market knowledgeable experts, we have been able to render brilliance backed services safely well within the assured schedules of delivery. Bhavishya Credit Co-operative Society has been focusing on exploring long lasting solutions for our customers problems by understanding their demands in the required manner. We concentrate on taking care of all the financial needs of our customers from the corporate and commercial sector.

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Bhavishya Credit Co-operative Societys team consists of highly qualified and experienced professionals who are hired from the industry to render high quality services to our esteemed customers spanning across the country. They are highly responsible for helping us evolve as one of the most significant names in the industry. Further, our teammates perform in perfect harmony to find out new and varied policies for our respectable customers across the nation clients.

Bhavishya Credit Co-operative Society Qualitys Assurance:

Our experts are sufficiently trained to adhere to the worldwide parameters of rendering the most effective financial services. The offered services are assured of the highest returns and on-time maturity, as a result of our expert handling of these policies. Moreover, the efficiency and result oriented features of these plans and policies have helped us acquire the much needed trust and confidence from our clients across the country.

Client Satisfaction:
As a client centric organization, all our hard work is channeled towards rendering high quality and dependable services to our clients across the country. We have hired a team of highly qualified experts comprising veteran investment experts who empower us to choose the most profitable investment plans and thus aid in constructing long term client relationships. Moreover, our completely professional approach and efficiency in comprehending client problems help us in selecting financial tools to optimize returns for our clients.

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Domain Expertise:
Owing to our intensive acquaintance to this industry, we are involved in rendering our customers a selected assortment of insurance plans and policies. Our team comprises CAs, CPAs, CFAs, and CS. As a result, it is highly significant to get security under policies that can help us overcome such hurdles with a comparative quotient of ease and transparency in our dealings. Our team members also posses expertise in International Financial Reporting Standards (IFRS) that enables our clients to master intricacies of practical application and implementation of IFRS.

Why Bhavishya Credit Co-operative Society:

Bhavishya Group has cultivated numerous relationships and earned trust among the customers keeping in mind the same objective. We as a group provide customer the real opportunity to take control of their lives by investing with us and to turn their dreams into reality. We try to provide our clients with basic information related to self-regulating of financial services in the country, so that our customers can catch a glimpse of the strict processes needed for rendering high quality financial services in the country. Bestowed with a team of market knowledgeable experts, we have been able to render brilliance backed services safely well within the assured schedules of delivery. We have been focusing on exploring long lasting solutions for our customers query by understanding their demands in the required manner. We concentrate on taking care of all the financial needs of our customers from the corporate and commercial sector. A comparatively new organization, we have been able to create a position in the market that is often envied by our competitors who have been active in the industry since a longer period of time.

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We have been the choicest option for clients across the nation, due to the following qualities of ours:

Accurate Calculation Timely Deliver Cost Effective solution Door Step Financial Services Competent and Experienced Professionals. Customer Focused Approach

Service Portfolio of Bhavishya Credit Co-operative Society:

We are involved in offering a wide range of Personal Loan, MIS (Monthly Income Schemes), Fixed Deposit, Recurring Deposit and Petro Card services. Our range of services is extensively widely known for features like reliable process approach and flexible process approach. Furthermore, we also ensure that the offered services are extensively demanded amongst clients owing competitive prices and comprehensive documentation process. We offer:

Personal Loan MIS (Monthly Income Schemes Fixed Deposit Recurring Deposit Petro Card

Certification & Membership:

Certification Name: International Organization for Standardization Certification Type: ISO 9001:2008 (Validity: 31 July, 2014) 39

Directors Panel:
Chairman Mr. Damodar Nagda

Vice President Mr. Sanjay Shukla

Treasurer Mr. Rajesh Sharma

Gen. Secretary Mr. Arvind Mehta (Jagdish Capoor)

Joint Secretary Mr. Jairaj Bhutara

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MR. DAMODAR NAGDA (Chairman) :

The Chairman of the group is a man of worth Rs. 500 crores. Mr. Nagda is a well known Business from the last 20 years. His Dairy farm business is of worth Rs. 100 Crores. He is a king of the real estate in the city of lake, Associated with various successful projects like Yashodhara, Chandanwan, Kurabo City Etc. He is having a clear vision and mission in Society with the objective of bringing the Bank in near future.

MR.SANJAY SHUKLA:The vice president of the group is a man of the finance industry from the past 23 years.

Mr. Sanjay Shukla is well qualified and known for his financial strategies and mathematical calculations. He is an experienced person with the qualification in the financial institutions. He is pursuing the financial course that is ACTURAL SCIENCE from INDIAN INSTITUTE OF ACTURAL SCIENCE. In between all the Co-Operative Societies based in Rajasthan, Mr. Sanjay Shukla has been nominated for Corporate Ratna and BANDHU Award by IFFCO.

Basic Information:
Business Type Industry Registered Address Service Provider Banking services 301, Mehta Sadan, near shukhadiya Smadihi, Durga Nursery, Udaipur - 313001, India.

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ISO 9001:2008:

ISO 9001:2008 is the International Standard for Quality Management Systems (QMS). It provides your company with a set of principles that ensure a common sense approach to the management of your business activities to consistently achieve customer satisfaction.

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Certified by India Mart by providing trust seal:

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Registration Certificate

Year of Establishment Legal Status of Firm

2011 Registered society under Multi state Credit Cooperative Society Act Mr. Damodar Nagda

Proprietor Name

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Infrastructure:
Location Type Building Infrastructure Size of Premises Urban Permanent 1,850 square feet

Team & Staff:

Total Number of Employees No. of Research / QC Staff No. of Skilled Staff No. of Semi-Skilled Staff 11 to 25 people 6 to 25 people 6 to 25 people 6 to 25 people

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Statutory Profile:
Income Tax Registration No. Banker Registration Authority Registration No. AABAB3368G Axis Bank, ICICI Bank & HDFC Bank Multi state Credit Cooperative Society MSCS/CR/474/2011

Packaging/payment and Shipment Details Profile Payment Mode Cash/cheque Credit

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Products of Bhavishya Credit Co-operative Society:

Bhavishya Group has cultivated numerous relationships and earned trust among the customers keeping in mind the same objective. We as a group provide customer the real opportunity to take control of their lives by investing with us and to turn their dreams into reality. 1. Bhavishya F.D. Plan

2. Bhavishya M.I.S. Plan

3. Bhavishya R.D. Plan

4. Bhavishya Special R.D. Plan

5. Bhavishya Daily Deposit Plan

6. Bhavishya Double Yojna

7. Bhavishya Triple Yojna

8. Petro Card

9. Child Education Plan

10. Bal Bhavishya Yojna

11. Palm Valley

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Interest Rates effective from 1st July, 2011 Bhavishya Credit Cooperative Society offers different periodicities for deposits ranging between 3 months to 5 years with undoubtedly attractive rate of Interest. Just have a look at the Rate of Interest offered by the society.

1.Bhavishya F.D. Plan:

Time Period

Simple Interest Rate

Special Interest rate*

7% 8% 9% 11% 12.00% 12.25% 12.50% 12.85%

3 Months 6 months 9 Months 1 Year 2 Year 3 Year 4 Year 5 Year

6% 7% 8% 10% 11% 11.25% 11.50% 12.00%

Initial Amount Rs.5000 Special Interest* For Persons, Who are: Persons who are 50 years and above, Ladies, Physically Challenged persons, Retired Persons, Members of Armed Forces, Retired Defense personnel, Employees of State & Central Government, All Employees of Financial Sector, Insurance Companies or Employees of any CoOperative establishment, Local Bodies, Trusts, AOP , Bhavishya Credit Co-operative Society Ltd. regular member (Minimum 1 share holder).

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2. Bhavishya M.I.S. Plan:

Time Period

Interest Rate

Special Interest rate*

Monthly

Maturity Amount

1-2 Year

11.25%

12.25%

Rs.93.7

Rs.102.50

Principle Amount + Bonus

3-4 Year

11.75%

12.50%

Rs.97

Rs.104

Principle Amount + Bonus

5-6 Year

12.00%

12.85%

Rs.100

Rs.108

Principle Amount + Bonus

Monthly Installment 10000 Special Interest* for persons, who are: Persons who are 50 years and above, Ladies, Physically Challenged persons, Retired Persons, Members of Armed Forces, Retired Defense personnel, Employees of State & Central Government, All Employees of Financial Sector, Insurance Companies or Employees of any CoOperative establishment, Local Bodies, Trusts, AOP , Bhavishya Credit Co-operative Society Ltd. regular member (Minimum 1 share holder).

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3. Bhavishya R.D. Plan:

Time Period Interest rate Maturity Amount at Rs.100
12 Months 24 Months 36 Months 60 Months 72 Months 7% 9.5% 10% 11% 12% Rs.1245 Rs.2518 Rs.3785 Rs.6335 Rs.7638

4. Bhavishya Special R.D. Plan:

Time Period
1 Year 2 Year 3 Year 4 Year 5 Year

Interest Rate
9.10% 9.30% 9.50% 10.50% 11%

Maturity Amount at Rs. 1000

13775 27488 41272 58290 76775

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5. Bhavishya Daily Plan:

Time Period
3 Months 6 Months 9 Months 1 Year

Interest Rate
6% 9% 11% 12%

Maturity Amount per day at Rs. 100

Rs.9068 Rs.18420 Rs.28118 Rs.38696

6. Bhavishya Double Yojna:

After 5 Years 6 Months Deposit Amount becomes Double

7. Bhavishya Triple Yojna:

After 9 Years Deposit Amount becomes Triple

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8. Petro Card:

Bhavishya Credit Co-Operative Society Ltd.-an organization specialized in capital management has been launched Bhavishya Petro cards, a scheme where a card holder can buy petrol from any petrol pump in India, without paying. However petro card is not new to many of people, but, it is a first co-operative society in India to introduce this service. Through this card, one can purchase a fixed amount of petrol for 365 days, from any petrol pump in Udaipur or anywhere in India. There are three plans available for the customers, Plan A Rs. 16000, Plan B Rs. 31000, Plan C-Rs. 61000 and Plan D- Rs.121000. After choosing any one plan, the customer needs to pay the amount and his Bhavishya Petro Card will be active. The card works exactly the way your debit card does. There are three kinds of petro cards are available in Bhavishya Credit Co-Operative Society

Maximizer Petro Card Aggressive Petro Card Balancer Petro Card

Petro Cards

Maximizer Petro Card

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Aggressive Petro Card

Balancer Petro Card

 Maximizer Petro Card:

Features:
Term: 13+47 Months Maturity Term: 60 Months Payment Mode: Single Locking Period: 60 Months

Deposit
Rs. 16000

Benefits
Rs. 50/-Petrol/Diesel/day for 365 days

Maturity Amount
Rs.20000/-

Rs. 31000

Rs. 100/-Petrol/Diesel/day for 365 days

Rs. 35000/-

Rs. 61000

Rs. 200/-Petrol/Diesel/day for 365 days

Rs. 70000/-

Rs. 121000

Rs. 400/-Petrol/Diesel/day for 365 days

Rs. 140000/-

Maturity amount is available on the submission of petro card and Bond only. Petro card will be activated on 31st day from the date of receipt of payment. All cheque and D.D will be in favor of Bhavishya credit Co-Operative Society Ltd.

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 Aggressive Petro Card:

Features:
Activation Period-15 Days Scheme- 1 Year No Locking Period Deposit Rs. 16000 Rs. 31000 Rs. 61000 Rs. 121000 Benefits Rs. 55/-Petrol/Diesel/day for 365 days Rs. 110/-Petrol/Diesel/day for 365 days Rs. 210/-Petrol/Diesel/day for 365 days Rs. 410/-Petrol/Diesel/day for 365 days

Maturity amount is not available. Credit is done on Saturday. 1 card & Rs. 10 stamp agreement is provided. All cheque and D.D will be in favor of Bhavishya credit Co-Operative Society Ltd.

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 Balancer Petro Card:

Features:
Activation Period- 2 Months Scheme- 2 Years (1 Year regular Payment & 2nd Year alternate payment) No Locking Period

Deposit Rs. 16000 Rs. 31000 Rs. 61000 Rs. 121000

Benefit Rs. 50/-Petrol/Diesel/day for 365 days Rs. 100/-Petrol/Diesel/day for 365 days Rs. 200/-Petrol/Diesel/day for 365 days Rs. 400/-Petrol/Diesel/day for 365 days

Maturity amount is not available. 1 card & Rs. 10 stamp agreement is provided. All cheque and D.D will be in favor of Bhavishya credit Co-Operative Society Ltd. Petro Card is an attractive Scheme of Bhavishya Credit Co-Operative Society, Which attract the customers more. At the time of payment of maturity amount, the customer of petro card has to deposit the given bond & the petro card also.

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9. Child Education Plan:

As one of the leading service providers in the market, Bhavishya Credit Co-Operative Society offers to its clients safe and secured Bhavishya Surkshit Shiksha Yojna solutions for their children. Our child education plan is structured as per the variegated needs of the parents regarding the future of their children. We consult our clients properly as they are pretty nervous and confused regarding the future security of their children.

Its child education plan is structured as per the variegated needs of the parents regarding the future of their children. Bhavishya Credit Co-Operative Society consults to its clients properly as they are pretty nervous and confused regarding the future security of their children. Its highly experienced financial advisors provide proper guidance to our clients and explain all the benefits that help them to secure the future of their children.

Features

Entry Age- 5-25 Yrs. Term- 1 Year, 2 Year, 3 Year, 4 Year, 5 Year Mode of Deposit- Single Locking Period will be equal to term. Top up facility available on Anniversary date only Minimum deposit will

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S. No.
1 2 3 4 5 6 7 8 9 10

Investment
5000 10000 20000 30000 50000 100000 200000 300000 400000 500000

Monthly Scholarship
50 100 200 300 500 1000 2000 3000 4000 5000

Maturity Amount
5000 + Bonus 10000 + Bonus 20000 + Bonus 30000 + Bonus 50000 + Bonus 100000 + Bonus 200000 + Bonus 300000 + Bonus 400000 + Bonus 500000 + Bonus

Benefits:
1% Child income benefit will be given to child per month of the deposit on parents death. Parents have right to transfer their investment into real estate as and when required. Child will get 1.1% additional Scholarship on deposit if he/she get more than 45%-85% marks. Child will get 1.5% Additional scholarship on deposit if he/she gets more than 85% marks.

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10. BAL Bhavishya Yojna

Features:

Entry Age: 0-18 Years Mode of Deposit Cheque / Cash / DD Deposit Term- Single, Monthly Minimum Deposit- Rs. 1000/- per month Locking period will be equal to term Surrender value/ prematurity will be equal to interest of R.D

S.N. Investment per Month

Investment Term 60 Months

Maturity Amount

120 Months
121000/-*

180 Months
251000/-*

1.

1000/-

25 months

51000/-*

For single deposit maturity bonus will be 64358/- for 25 months (Scheme.) Waiver of deposit will be given to child in case of parents death / disability 1% Child income benefit will be given to child every month on the death of parents. Settlement option available

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11. Palm Valley :

Palm Valley is the resort of the Bhavishya Credit Co-Operative Society. It is a membership plan, in which if investor invest the money than he / she can get membership in this resort & club.

Membership Plan for 36 Months:

S .N. Membership fee 1 2 3 4 5 6 7 8 9 10

Rs. 5000 Rs. 10000 Rs. 20000 Rs. 30000 Rs. 50000 Rs.100000 Rs. 200000 Rs. 300000 Rs. 400000 Rs. 500000

Monthly Compensation Monthly compensation for 24 Month

Rs. 139 Rs. 278 Rs. 556 Rs. 834 Rs. 1390 Rs. 2780 Rs. 5560 Rs. 8340 Rs. 11120 Rs. 13900

for next 12 Month

Rs. 555 Rs. 1111 Rs. 2222 Rs. 3333 Rs. 5555 Rs. 11111 Rs. 22222 Rs. 33333 Rs .44444 Rs. 55555

Customers investment shall be transferred to property as & when customer demand.

In case of surrender the rate interest will 12% per annum.

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Membership plan for 36 Month:

S .N.

Membership fee

Monthly Compensation for 36 Month

Maturity Amount

1 2 3 4 5 6 7 8 9 10

Rs. 5000 Rs. 10000 Rs. 20000 Rs. 30000 Rs. 50000 Rs.100000 Rs. 200000 Rs. 300000 Rs. 400000 Rs. 500000

Rs. 75 Rs. 150 Rs. 300 Rs.450 Rs. 750 Rs. 1500 Rs. 3000 Rs. 4500 Rs. 6000 Rs. 7500

Rs. 5900 Rs. 11800 Rs.23600 Rs. 35400 Rs. 59000 Rs.118000 Rs.236000 Rs. 354000 Rs.472000 Rs. 590000

Customer can surrender the agreement after 6 months from the date of agreement. Either party shall terminate the agreement by giving 15 day prior Information.

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12.Kurabo City:
Bhavishya Group is strongly positioned in the reality and infrastructure segment of Udaipur and is making steady inroads allover India in the field of Reality and Hospitality.

These are the pioneers in bringing quality and affordable housing to all strata of society and adding great value to their properties to the tune of 200%-300% through quality practices and futuristic vision for growth.

Presently it is conceiving an ambitious integrated Township of area ranging up to 400 acres near Udaipur District.

Bhavishya believes in the business mantra Value for Money and propagates Serving for future. It is one of the companies in India to offer developed land with maximum area at low rates. The professional team members of Bhavishya family are engaged around the clock to ensure all around satisfaction to its customers and partners.

Kurabo City integrated Township is the township which is completely conceptualized and is being built by Bhavishya. Its a visionary project by Bhavishya to address the issue of supply of land for urban housing, infrastructure of the ever growing Udaipur metropolis.

Bhavishya as a developer has solely assembled the land by paying private landowners the prevalent market price. Bhavishya as a developer plans development as per the town planning norms in force builds houses & infrastructure & sells the plots, houses etc., at market rates.

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The role of government organizations in this process is that of a facilitator and a regulator of town planning, environmental & social welfare norms instead of controller and provides of land for urban growth.

Kurabo city integrated townships large self-sufficient enclaves with Homes, schools, Offices, Work places, Malls, Multiplexes, Private Security & High Quality Water, Sewage & Solid waste management system. The size of its township is 400 acres; it is geographically located in Village (Kurabad, Todi & Lalpura of Girwa Tehsil, Udaipur district which is the being promoted and developed as satellite town for Udaipur city. Kurabo city is the new face of urbanization. The rationale behind the conceptualization of Kurabo City integrated township is three fold.

1. Rising demand among the growing and prospering middle class for better housing and providing minimum level of good urban governance and services water, sewerage, waste management, road network, transfer and power.

2. Shortage of resources faced by governments to fund infrastructure.

3. Realization of the necessity to liberalize supply of land for urban growth and infrastructure among government, since cities are centers of economic growth.

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The benefits of integrated Township Kurabo City

Coping with the spurt in economic activity led urban growth.

India has embarked on massive infrastructure development and industrialization under public private partnerships, leading to a spurt in economic activities and consequent influx of people in a short time into a specific area where the buzz of the activity is maximum.

Local government and other government agencies operating in that particular area do not always have the resources to cope up with the housing and urban infrastructure needs that the sudden inflow of population bring with it.

Creation of integrated township in such cases may be an appropriate way of creating and supporting urban growth with the middle class looking after itself, it allows the government to focus on poor.

Developing theme cities to become globally competitive.

Every country in a globalization and competitive world is trying to create unique properties within world-class with rising expectations disappointed with the failure of public sector to delivers good urban governance and good quality of urban life. Kurabo City is build on idea of developing well ordered walled living spaces with quality construction and amenities such as 24 hour running water supply, drainage system, power backup, parks, club houses with Gym, swimming pool, places of worship, own public.

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In Kurabo City there is 1200 bigha land is available out of which 300 Bigha land has been sold for Akshardham temple and 75 Bigha has been donated. Approxe 700 bigha land is available for investment to the customers. Here if customer buys 1000 sq. feet land than he will have to pay Rs.51000.

51000 After 1 year

75000

Investment

Buy Back

Two choices are available

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Market Research.

RESEARCH METHODOLOGY

Primary objective:
To study How Bhavishya Credit Co-Operative Society differentiates its products and services & what Objectives Bhavishya Credit Co-Operative society has been formed are as follows:

To render service to its members instead of making profits. It encourages a state mutual help in the place of competition. It assures a state of self-help in the place of dependence. It develops a state of moral solidarity in the place of unfair business activities.

Secondary objective:
1. To do a comparative study of various alternative investing option of Bhavishya Credit Co-Operative Society and products and services. 2. To study the loop holes if any of Bhavishya Credit Co-Operative Society.

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66

1. Research Design: Definition: "A research design is the arrangement of condition for collection and analysis of

data in a manner that to combine relevance to research purpose with economy in procedure. The research design helps the researcher organize his ideas in a form whereby it will be possible for him/her to look for flaws and inadequacies. 2. Objective of Study: The major objectives of the research study are:

Examine the psychographics of services of Bhavishya Credit Co-Operative Society to its customers.

Prove the perception of customers towards the Co-Operative Society. To judge awareness level of Bhavishya Credit Co-Operative Societys products & services amongst people.

To find out the customer expectations from Bhavishya Credit Co-Operative Society.

III) Sources of Primary and Secondary Data One major aim of this project was to how the cooperative society works with respect to their customers and companies products & offerings. Therefore I had to gain knowledge about the different products of its products and their various functionalities with respect to Bhavishya Credit Cooperative Society and how the other Cooperative Societies are doing well in the same aspect. In order to accumulate this knowledge. I had to go through a lot of secondary data namely Bhavishya Credit Cooperative Societys Annual Report and products & services of Bhavishya Credit Cooperative Society collected from internet. The only way this project could have been done was' by collecting primary data from the common man For this purpose a detailed structured questionnaire was made and tested before being put to use.

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IV) Sampling Design a) Target Segment: - Those customers who are the users of products of Bhavishya Credit Cooperative Society. b) Time boundary: 15 June 2012 to 25th July 2012. C) Characteristics: - To know the perception of customers for using Bhavishya Credit Cooperative Societys products & services. d) Environmental condition: Feasible in all possible economic scenarios. e) Tools & Techniques: - Questionnaire & Excel Sheet. f) Demographics of Respondents:Age Occupations Sex Marital Status : : : : (20-55+) years Student or business or service or others Male or Female Married or Single

V). Sampling method Sample size 70

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Data analysis.
DATA ANALYSIS & OBSERVATION

Demographic profile of the investors

Demographic profile Age 25 and below 26-35 36-45 46-55 56 and above

no. of respondents

Percent

Perception/ feedback

26 39 18 05 06

27.7 41.5 19.1 5.3 6.4

risk moderate risk lover Highly risk lover moderate Neutral

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 Attraction of Customers towards Product & Services of Bhavishya Credit Cooperative Society:
Age No. of Respondents Yes No 70 65 74 65 67 30 35 20 20 27 Neutral 0 0 6 15 6

25 and below 26-35 36-45 46-55 56 and above

No. of Respondents Yes

25 and below 26-35 36-45 46-55 56 and above

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No. of Respondents No

25 and below 26-35 36-45 46-55 56 and above

No. of Respondents Neutral

25 and below 26-35 36-45 46-55 56 and above

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 What % of money do the customers usually invest from their earnings?

Demographical No of profile respondent Less than higher secondary Higher secondary undergraduate postgraduate 1 11 53 29

percent 1.8 11.7 56.4 30.9

Perception/ feedback Neutral moderate Risk Lover Highly risk lover

Chart

Nuteral
moderat e Risk Lover

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 Family monthly earnings

Less than 10000 11000-20000 21000-30000 31000-40000 41000-50000 Above 50000

Respondents 33 22 10 10 9

Percent 35.1 23.4 10.6 10.6 9.6

Perception/ feedback Neutral Moderate Risk M0derate Risk Lover Highly Risk Lover

Chart
Nuteral Moderate Risk M0derate Risk Lover Highly Risk Lover

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 What are the investment objectives of customers?

Age Group
25 and below 26-35 36-45 46-55

Purpose
Return Savings Safety Tax Saving
40 30 15 15 45 15 20 20 35 5 20 40 30 30 20 20

56 and above
40 30 20 10

50 45 40 35 30 25 20 15 10 5 0 25 and below Purpose 26-35 Age Group 36-45 46-55 56 and above

Series1 Series2 Series3 Series4 Series5 Series6

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 Which avenues do the customers want to look for investment?

Age Group
25 and below 26-35 36-45 46-55 56 and above
5 30 50 40 40 45 0 20 60 20 20 50

Products
Kurabo City Petro Card F.D/ R.D Child Education plan Bal Bhavishya plan Monthly Income Scheme
20 65 20 10 15 25 30 50 40 20 30 35 45 40 40 40 40 40

25 and below
1 2 3 4 5 6

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26-35
1 2 3 4 5 6

36-45
1 2 3 4 5 6

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46-55
1 2 3 4 5 6

56 and above
1 2 3 4 5 6

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From what sources customers come to know about Bhavishya Credit Co-operative Society:
Particulars Newspaper Friends & Relatives Employment Exchange No. of Respondents 15 57 3 Percentage 20% 76% 4%

80 70 60 50 40 30 20 10 15 3 No. Of Responds 20 57

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NewsPaper

Friends & Relatives

4 Percentage

Employment Exchange

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Is Bhavishya Credit Co-operative Society faithful to customers or not?

Age No. of Respondents Yes No 65 60 62 65 58 30 20 30 20 30 Neutral 5 20 8 15 12

25 and below 26-35 36-45 46-55 56 and above

No. of Respondents
Age 25 and below 26-35 36-45 46-55 56 and above

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SWOT Analysis
SWOT ANALYSIS
In applying the SWOT analysis it is necessary to minimize or avoid both weaknesses and threats of Credit Co-Operative Society. Weaknesses should be looked at in order to convert them into strength. Like wised, threat should be converted into opportunities. Lastly, strengths and opportunities should be matched to optimize the potential of Bhavishya Credit Co-Operative.

Strength: Low average Risk to value ratio. Growth in urban market. It offers services such as buyback proposals. It Offers Products like F.D, R.D, M.I.S, Petro Card, and Kurabo City etc. Free standing instructions available only in Bhavishya Credit Co-Operative Society. Preferential pricing for loan against securities, home loans. Certified under Multi Credit Co-Operative Society Act. Certified Under ISO 9001:2008. Certified by Trust Seal of India Mart. Customers Sustainability More number of branches as compared to others in low time period. More focus in rural areas.

Weakness Does not have updated software. Not Certified under DICGC Act

Opportunity
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Growth in demand-driven by improved affordability

Rising disposable income Affordable interest rates Generally stable property prices

Increasing urbanization & Increased network of outlets. Can target to the small investors not only in urban areas but also to the rural area. Providing employment opportunity to youngsters.

Threats Competition from other societies is very high.

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 Conclusion.
The SWOT analysis shows the competitive strategy of BHAVISHYA CREDIT COOPERATIVE SOCIETY especially in widening its networks, continuous up gradation of technology (Fine wire by i-flex) for reduction in OCR (Overall Cost Reduction) and its specific geographical(Rural banking),demographical strategy will bring to serve as a best cooperative Society in India. The Competitor Analysis show that it has to focus more to increase its branches. The survey throws light on various Issues that the customer faces in the market. Analyzing the findings it can be said that good customer relationship raises awareness among the people. There are tough competitions and thus there exists a lot of room to improve so as to become the market leader from all aspects. The only thing is the making of and implementation of the proper strategy in the best effective way. The BHAVISHYA CREDIT COOPERATIVE SOCIETY LTD. believes in adopting and adhering to the best practices and continuously benchmarking itself against each such practice in the industry. The Society understands and respects its fiduciary role and responsibility to Customers and Employees and strives hard to meet their expectations.. Transparent disclosures and shareholder empowerment are necessary for creating customer value. The cardinal principles such as independence, Accountability, responsibility, transparency, fair and timely disclosures, and credibility serve as the means for implementing the philosophy of corporate governance in letter and in spirit. The banks employees are very friendly among their coordinates and also to their customers.

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 Suggestions
Bhavishya credit Co-operative Society should have updated software. It should be insured by DICGC ( Deposit Insurance & Credit Guaranty Corporation) It should provide affordable interest to its customers. It should increase urbanization as well as focus on rural areas.

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ANNEXURE
QUESTIONNAIRE

Q. 1. Name:

Personal Details ______________________________________________________________

Age (in years): ______________________________________________________________

Q.2

Gender: Male Female

Q.3 Please mark the category you belong to: Senior Citizen Retailer Government Employee House-wife Professional

Contact No.: Email id:

______________________________________ ______________________________________

Q.4 Gross Annual Incomes: Below 60,000 100,000 - 140,000 60,000 - 100,000 Above 140,000

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Q.5 Do the products and Schemes attract you? Yes Q.6 No

What percent of money do you usually invest from your earnings? (Please tick) Below 10% 40%-60% 10%-20% Above 60% 20%-40%

Q.7

What are your investment objectives? (Please tick) Return Savings Safety Tax Saving

Q. 8 which avenues do you look to invest your money in future? (Please tick) Kurabo city Child Education Plan Petro Card Service Bal Bhavishya Yojna F.D/R.D M.I.S Plan

Q. 9 From Which source did you come to know about the job at Bhavishya Credit Cooperative Society Ltd?(Please Tick) Newspapers Friends & relatives Employment Exchange Private agencies Q.10 Is Bhavishya Credit Cooperative Society faithful to you? (Please tick) Yes No

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BIBLIOGRAPHY

Prospectus Of Bhavishya Credit Cooperative Society

E-Links: www.google.com www.suvidha.com www.ask.com www.bhavishyagroup.com

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