Multi-State cooperatives are societies that have operations in more than one state. Such MSCSs are registered under the Multi-State Co-operative Societies Act 2002, and their regulation lies with the Central Registrar.
The primary motto of any Cooperative Society is to refine the economic condition of its members. Thereby, it accentuates on better business and better living by carrying out operations that serve to the common economic interest and benefits to the members. Following are the objectives of cooperation:
The mission of the multi state society is to facilitate the voluntary formation and democratic functioning of cooperatives as peoples institutions based on self help and mutual aid and enable them to promote their economic and social betterment and to provide functional autonomy.
The primary vision of Multistate Credit Cooperative Society limited is to provide quality, Honest, Trusted and committed financial services to its members, in the process become the high tech leading cooperative in India. To serve the members by fostering a strong economy and providing financial stability with talented and innovative brains working tirelessly behind it. Offering equal opportunity to all groups of people to live and improved life by financial enablement and empowerment.
To become the leading bank, playing an important role in the co-operative movement and providing relevant and innovative financial services to our members / customers for the optimum benefit of all our shareholders.
To become strong, viable cooperative organization which is sustainable and responsive to the socio-economic needs of its members with financial independence, providing competitive products and services, guided by responsible, honest and entrepreneurial cooperative values.
To take the cooperative movement to the rural, urban and downtrodden people and bring in a financial stability and be a part of the development vision of India.
The advantage of registering under the MSCS Act is similar to the benefits acquired by registering a company. A registered multi-state cooperative society has the privileges of limited liability, separate legal identity, and the ability of members to transfer their membership.
The multipurpose co-operative society has large number of functions to discharge. As the name indicates its responsibility for different purpose for which it has been set up. It can work for arranging credit, improved seeds, agricultural implements, fertilizers, sanitation, health etc. for its members.
The Central Registrar
Multi-State cooperatives are societies that have operations in more than one state. Such MSCSs are registered under the Multi-State Co-operative Societies Act 2002, and their regulation lies with the Central Registrar.
Maximization of profit is the main motto of co-operative society.
State Cooperative Banks (StCBs)/District Central Cooperative Banks (DCCBs) are registered under the provisions of State Cooperative Societies Act of the State concerned and are regulated by the Reserve Bank.
Maharashtra
Maharashtra has the highest number of such cooperative societies at 567, followed by Uttar Pradesh (147) and New Delhi (133). The MSCS Act was passed to govern such cooperatives.
Multi State Cooperative Societies Act, 2002 was enacted to consolidate and amend the laws relation to Cooperative societies with objects not confined to one state. MSCS is a Cooperative Society with objects to serve the interest of the members in more than one State.
The list has to be submitted in the format annexed with the MSCS Act 2002 along with the copies of ID prooofs of the members duly attested by Chief promoter.
The multipurpose co-operative society has large number of functions to discharge. As the name indicates its responsibility for different purpose for which it has been set up. It can work for arranging credit, improved seeds, agricultural implements, fertilizers, sanitation, health etc. for its members.
Features of Cooperative Society
Advantages of a co-operative include that:
Sequence of Events Outline
An Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of co-operative s as peoples institutions based on self-help and mutual aid.
Maturity Payment Done
Loan Payment Done
Approved Running Members
Advisor/Marketing Manager (MM)