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FAQ Marooti Fin

Frequently Asked Questions of Marooti Fin Credit Co Operative Society Ltd

Under which law does Marooti Fin Credit Co Operative Society Ltd operate?

Marooti Fin Credit Co Operative Society Ltd operates under the Gujarat Co Operative Society Act, 1961.

Where is the Head Office of Marooti Fin Credit Co Operative Society Ltd?

Marooti Fin Credit Co Operative Society Ltd registered Head Office is in 102-Ganesh Complex, 2-Jayraj Plot, Rajkot, Gujarat.

What are the limitations of Marooti Fin Credit Co Operative Society Ltd?

The business of Marooti Fin Credit Co Operative Society Ltd is limited to the city of Rajkot.

What is the designation of the major officer in Marooti Fin Credit Co Operative Society Ltd?

The designation of the major officer in Marooti Fin Credit Co Operative Society Ltd is Chairman.

How does Marooti Fin Credit Co Operative Society Ltd operate?

Marooti Fin Credit Co Operative Society Ltd operates in Rajkot through city workers.

What is the main objective Marooti Fin Credit Co Operative Society Ltd?

The main objective of Marooti Fin Credit Co Operative Society Ltd is to empower the economic weak section of the society by providing different Financial schemes and loan facilities.

How does Marooti Fin Credit Co Operative Society Ltd use the deposited funds?

Marooti Fin Credit Co Operative Society Ltd uses the deposited funds by giving loans.

Does Marooti Fin Credit Co Operative Society Ltd do transaction with common people?

Marooti Fin Credit Co Operative Society does not do any transaction with common people.

What is the current workforce of Marooti Fin Credit Co Operative Society Ltd?

The current work force of Marooti Fin Credit Cooperative Society is 5 employees.

What are the facilities provided to the employees of Marooti Fin Credit Co Operative Society Ltd?

Marooti Fin Credit Co Operative Society Ltd gives Employee Provident Fund, Insurance and employee welfare funds to its employees.

What are the arrangements of education and training in Marooti Fin Credit Co Operative Society Ltd?

Marooti Fin Credit Co Operative Society Ltd runs a training centre in Rajkot which was established on 17.03.17.

What is the security of the funds deposited in Marooti Fin Credit Co Operative Society Ltd?

Under the society act Marooti Fin Credit Co Operative Society Ltd keeps 10% of the total deposit in Share Reserve Fund. It is clearly mentioned in the society audited balance sheet.

How can Marooti Fin Credit Co Operative Society give higher rate of interest?

Marooti Fin Credit Co Operative Society Ltd does not have to pay Statutory Liquid Ratio (SLR) nor Cash Reserve Ratio (CRR) thus 80 -90 % of total deposits can be reinvested in loans and schemes. Society does not have to pay income tax as well so it maintains a cost effective and financial discipline.

How does Marooti Fin Credit Co Operative Society Ltd reduce the risk of deposits?

Marooti Fin Credit Co Operative Society Ltd invests its fund in small loans in which the risk is always minimum.

Why are depositors encouraged in Marooti Fin Credit Co Operative Society Ltd?

Marooti Fin Credit Co Operative Society Ltd encourages its depositors to save and treats it as their moral duty. It also encourages to reconstruct their assets and helps them grow in their financial expectations.

How are the deposits in Marooti Fin Credit Co Operative Society Ltd unique and safe?

The slogan of Marooti Fin Credit Co Operative Society Ltd 'We Care Your Trust' is enough to speak about its uniqueness and safety. Member and employees being from the same field have mutual contacts and ultimate trust amongst them, thus the deposit in the society is unique and safe.

Is there an inquiry by any independent agency or Government department other than the Management of Marooti Fin Credit Co Operative Society Ltd?

Every year Marooti Fin Credit Co Operative Society Ltd annual financial audit is done by a chartered accountant who is an independent agency and inspection is done from time to time by Central Registrar and Registrar of State.

Why should you invest in Marooti Fin Credit Co Operative Society Ltd?

The major attraction for investing in Marooti Fin Credit Co Operative Society Ltd is the high rate of interest and the trust and services of the employees of the society. Timely payment of deposit schemes as well as easy availability of loans as per requirement are the different reasons of why you should invest in Marooti Fin Credit Co Operative Society Ltd.

What is the purpose of a Co Operative Society?

These three types of business organizations have many things in common, e.g. they all need money, skilled staff and good management. But they differ in their most important aspect, their purpose. The main purpose of a private business organization is to make money. Those who have put in money in the business want to gain a good profit. The purpose of the public enterprise is to offer services to the public: transport, electricity, water, telephone etc. And, finally, the purpose of a co operative society is to serve the needs of the members, e.g. farm inputs, insurance, loans, advice, information etc. As you can see, the purpose of the private business firm is very simple: to make money (if it is easy to make money is another story). The other two types place other purposes first : service to the public and, in the case of cooperatives serving the needs of the members.

Why Cooperatives?

Co operative enterprises, which follow co operative principles and in the co operative tradition, have many benefits. Although the specific benefits of each co operative varies depending on the organization and the needs of its members, several benefits are almost universal.

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 societies act/rules/by-laws. Our lending is in the shape of small loans for business, Micro Finance and other co-operative institutions.

What is the difference between Marooti Fin Credit Co Operative Society Ltd. and Financial Companies?

Marooti Fin Credit Co Operative Society Ltd. is registered under Gujarat 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 Board of Directors who are elected by the members of the society in the Annual General Meetings and the Board of Directors also takes decisions in a collective manner with total transparency. The department of Co Operatives constantly reviews the functioning of the society at regular intervals. Finance companies are usually owned by individuals and frame the policies according to choice of the owners to maximize returns. The general members/ depositors/ Investors have no role to play. There are some possibilities for the absence of transparency. Marooti Fin Credit Co Operative Society Ltd completely lives to its legal liabilities and answerable to its members through its elected members of the Board of Directors. Books of accounts of Marooti Fin Credit Co Operative Society Ltd subject matter of Statutory Audit and the Audited Accounts are submitted to government of India for review and further action, at regular intervals during a year. When you invest your money in Marooti Fin Credit Co Operative Society Ltd you are not only an investor you are a member of the society.