Jacob George
I am from Kerela. I want to know about the above mentioned firm. I learned from their website that they are Registerd with Ministry of Agriculture, Department of Co-operation under Multi State Credit Co-Operative Societies Act 2002 by the Office of the Central Registrar of Cooperative Societies, New Delhi by Registration No. : MSCS/CR/646/2012.
1 DGR Credit Co-Operative Society strictly abides by the Multi State Credit Co-Operative Societies Act., 2002. Is this true ?
2, They claim that they are giving interest on deposits up to 15% p a. can a firm like this is able to give so higher interest.
3, The above mentioned firm commenced its operations in kerela. When a Multi State Credit Co-Operative Society commences its operations in a state other than it is registered should it inform the respected Registrar of Co operative Societies in that state ?
4, If a Multi State Credit Co-Operative Society fails in another State, other than it is Headquarterd, to repay deposits to depositors who will take the responsibility?
5, Are the deposits received by a Multi State Credit Co-Operative Society secured ?
(Referred websites:- www.dgrcredit.in, www.dgrfl.in, www.dgrgroup.org, www.dgrprofessional.in )
I request your valuable suggestions and advice at the earliest.
I C Naik
Any money deposited in cooperative bank in excess of Rs 1 lac are not insured. Heigher the returns are assured higher is the risks as the Society has to park your money in much higher risk avenues to earn far more attractive returns so as to give you attractive returns.
Despite under control of RBI every day news of one Cooperative bank ruined by irregularities are heard. Every week one cooperative bank looses license to do business.