The Delhi Co-operative Urban T & C Society Ltd.

This society is a thrift and credit society registered in the state of NCT of Delhi and presently working in accordance with the provisions of the Delhi Co-operative Societies Act, 2003 read with the Delhi Co-operative societies Rules, 2007.

History of the Society

The society was registered on 21st march, 1960 in the bye lanes of old Delhi when the Bombay Co-operative Societies Act was extended to the societies working in Delhi as the Co-operative Movement at that time was at nascent stage here. The society started functioning with Eleven Members with a total working capital of Rs. 121/- only. This was the brain baby of our Late Shri T. C. Gupta, the founder Secretary of this society who initiated to form a Co-operative Thrift & Credit Society for helping of poor and middle class people of Delhi. The other promoters associated with the formation of the society were also sincere and hardworking and through their efforts the society achieved a critical mass. Initially, we worked at a very small space of office in the bye-lanes of Pahari Dhiraj (Sadar Bazar), Delhi. After a gap of years, a need for bigger office for the working of the society was necessitated and the office of the society was then shifted to C. C. Colony (Rana Pratap Bagh) in New Delhi.

The society for a short while came under the purview of the Reserve Bank of India under the name and style of The Delhi Co-op. Urban Bank Ltd. due to the fact that we accepted deposits of non-members while the Thrift and credit societies can only accept deposits from members to remain as Co-operative Thrift and Credit societies otherwise they attain a status of Co-operative Bank.

A need was, however felt by the members to bring the society from purview of the Reserve Bank of India as they felt that it was unnecessary hindering the spread of micro credit to them. Hence, a resolution to this effect was passed and after the approval of the Reserve Bank, we again became working till date as a co-operative thrift and credit society. During the course of time, our office was also shifted to the current place and the present membership of our society is approximately fifteen thousand. It will not be out of place to mention that large numbers of female are also member in the society.

As the membership was increasing substantially, we opened a Branch at Pitam Pura (Netaji Subhash Place), Delhi -110034 in the year 2003. At the opening ceremony of the branch, the then Registrar, Co-operative Societies, Delhi remarked that our society is the best society of Delhi and expressed hope that it will continue as such.

Nature of Business

The nature of business of our organization is primarily to give micro credit to its members for their educational, professional, business, housing, domestic and social needs. The interest charged on such loans is lower than the rates prevailing in the nationalized and private banks, finance companies. The interest is charged at the diminishing method and there are no hidden costs involved at the time or during the currency of loans. The loans so advanced are hassle free and are advanced on personal sureties of the co-operative members; however, in case of housing loans, the property mortgage is also created.

A rough estimate suggests that since inception the society has helped more than two lakh fifty thousand people belonging to lower strata of the cosiety in enabling them to uplift their economic status.

Source of funding

The source of funding of the society is basically acceptance of deposits from the members. We pay slightly higher rate of interest on deposits to widows and senior citizens in fulfilment of our social obligations.