• What is Silver Finance & Credit Co-operative Society Ltd.?
    Silver Finance & Credit Co-operative Society Ltd. has been registered as a Multi State Co-Operative Society under section 7 of the Multi State Co-Operative Society Act, 2002 (39 of 2002) and the rules framed there under. The registration number of the Society is MSCS/CR/563/2012 and the date of registration is 26th June 2012. The area of operation of the Society shall be confined to the States of Himachal Pradesh,Punjab,Rajasthan, Haryana ,Delhi,Uttar Pradesh and the Union Territory of Chandigarh
  • How does the Society utilize the funds/deposits procured by it?
    The Society uses the funds in lending to the members and investments as per the co-operative society Act/Rules/bylaws. Our lending is in the shape of small loans for business & Micro Finance.
  • Are the deposits with the society safe & secured?
    Yes, because the Government of India has framed the laws/rules to ensure the security and safety of deposits and Silver Finance & Credit Co-Operative Society Ltd. strictly abides by the rules and regulations framed by the Central Government. The Multi- State Co-Operative Societies Act, 2002, provides as under Rule 66 - Restriction on loans – (1) A multi- State co- operative society, other than a co- operative bank, shall not make a loan to a member on the security of his share or on the security of a non-member. Rule 67 - Restriction on borrowing – (1) A multi- State co-operative society may receive deposits, raise loans and receive grants from external sources to such extent and under such conditions as may be specified in the byelaws: Provided that the total amount of deposits and loans received during any financial year shall not exceed ten times of the sum of subscribed share capital and accumulated Reserves.
  • What is the difference between Silver Finance & Credit Co-Operative Society Ltd. and Financial Companies?
    TAs stated elsewhere the CCCSL is registered under Multi state Co-Operative societies act and rules. Society is not a personal institution owned by an individual but is a fully democratic organization managed by a Board Of Directors who are elected by the members of the society at the Annual General Meetings and the Board Of Directors also takes decisions in a collective manner with total transparency. The Department of Cooperatives constantly reviews the functioning of the society at regular intervals. Finance companies are usually owned by individuals and frame the so called policies according to the whims and fancies of the owners. The general members/ depositors/ Investors have no role to play. There are some possibilities of the absence of transparency. Members/ Investors have virtually no knowledge of the affairs/ legal provisions of N.B.F.Cs and the statutory liabilities of the N.B.F.C s are also limited. Silver Finance & Credit Co-Operative Society Ltd.is completely alive to its legal liabilities and answerable to its members through its elected members of the Board Of Directors. Books of accounts of Silver Finance & Credit Co-Operative Society Ltd. are the subject matter of Statutory Audit and the Audited Accounts are submitted to the government of India for review and further action, annually.
  • Why the CCCSL is paying 'Higher Rate of Interest' to its members?
    We believe in the principle of encouraging saving habits amongst our members. In the present context when tendency to save is on the decline and the consumerism is on the high. We want to ensure the financial and social well being of our members as a moral responsibility towards the Society. As a true nationalists we are convinced that higher the savings, higher the investment better the G.D.P.
  • What are the other benefits available to the depositors/ Investors?
    As stated elsewhere we offer a higher Rate of Interest of 1% to its members who fall under these categories: Senior Citizen (50 years above), Ladies, Physically Challenged persons, Retired Persons, Members of Armed Forces, Retired defense persons, Employees of State & Central Government, All Employees of Finance Sector, Insurance Companies or Employees of any Co-Operative establishment & Local Bodies, Trust & Single deposit of Rs. 5.00 Lacs and above. Free Accidental Death Insurance benefit of Rs. 1, 00,000 with every account with a maximum cover not exceeding Rs. 2, 00,000. All our employees/ members of marketing team are also covered under Accidental Death Insurance scheme.
  • Who should invest with Silver Finance & Credit Co-Operative Society Ltd.?
    All those investors/depositors who are keen to get better returns/interest on their deposits in the short term, medium term and long term. So all of you are welcome.

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