Family Development Cooperative Thrift and Credit Society Ltd

                                           (FAMCO)

Eligibility to Membership and Deposits

FAMCO > Eligibility to Membership and Deposits

Membership

Ordinary Members:

1. Individual members:

Persons included in the application for the registration of FAMCO under the Multi State Co-operative Society, and include persons admitted to membership after such registration.

2. Group membership:

Any SHG such as FLC, Sumaithaangi, Sharing Group, youth group, women group, entrepreneur group, workers group, traders group and so on which are registered or unregistered, which has membership of 12-20 members, which is at least 6 months old and involved in thrift & credit activities in the area of operation and whose interest does not conflict with the objects of the Society.

Eligibility for Becoming Ordinary Members:  

Any person who resides within the area of operation of the Society, who is a promoter/supporter/trainer/motivator/organizer of SHGs or cooperatives and any SHGs which is effectively functioning in the area of operation of the Society, and who genuinely needs the services provided by the Society and whose interest do not conflict with the interest of the Society, can become an individual member of the Society.

Application for Membership

The application to ordinary membership of the Society shall be submitted by the Individual/ Group applicant to the Chief Executive of the Society in the prescribed form and the value of at least one share (Rs.100/-) to be deposited by the individual applicant at the time of submission of application along with the admission fee of INR. 5/ – (Rupees Five only) per share.
If the applicant is a group, then it has to pay Rs.105 per member. If the SHG has 12 members, it has to pay 12 x Rs.105 = Rs.1,260/-

Membership and Deposits

A person residing in the area of operation of the Society can deposit money in the Society only after becoming a member of the Society.