Jacob George
I am from Kerala. I want to know about the DGR Credit Co-op Society.
1 I learned from their website that they are registered 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. Does it abide by the Multi State Credit Co-Operative Societies Act 2002?
2 They claim that they are giving interest on deposits up to 15% p a. Can a firm like this give Such high interest?
3 The above mentioned firm commenced its operations in Kerala. 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 Head Quarterd, to repay deposits to depositors who will take the responsibility?
5 Are the deposits received by a Multi State Credit Co-Operative Society secured ?
I request your valuable suggestions and advice at the earliest.
I C Naik
These are unsecured deposits and failure of such operations cause harm to depositors and no one, except it brings unlawful gains to organizers.