Objectives
The objectives include both short-term and long-term concerns. The short-terms objectives are based on a three year vision, while the others are seen as continuous in nature. The major objectives of FAMCO are to:
• Become a financially sustainable cooperative after five years, free from external funding requirements.
• Provide debt swaps for the members, who are marginalized people stuck in the jaws of moneylenders.
• Promote the interests of all its members to attain their social and economic betterment through self-help and mutual aid in accordance with the cooperative principles.
Objects and Functions
(A) Objects:
1. The principal object of the Society will be to promote the interests of all its members to attain their social and economic betterment through self-help and mutual aid in accordance with the cooperative principles.
2. To encourage thrift, self-help, and mutual aid among the members.
3. To provide credit to the members for their socio-economic well being.
4. To enable the rural/urban poor communities to form themselves into Self Help Groups.
5. To facilitate the inclusion of the socially and economically marginalized groups/communities into the reach of financial services.
6. To sensitize different sections of the human community on the ethical and philanthropic aspects of investments and lending for the betterment of the poor and the down-trodden.
7. To provide an ongoing education and training in integrated development.
8. To establish community education centers, value education schools, community colleges, crèche, anganwadis, nurseries, and so on for the benefit of the larger community.
9. To promote community health, sanitation, and environmental safeguard for the well being of the larger community.
10. To establish community health centers, hospitals, and dispensaries.
11. To establish libraries, recreational and sports clubs in the area of operation for the cultural development of the larger community.
12. To disseminate value-based information on cooperation through print, audio-visual, and cultural media.
13. To organize and conduct workshops on entrepreneurial skills, marketing, micro credit, and related areas for the members and others.
14. To subscribe to periodicals, magazines, books and related media products which will be informative and which will enhance the knowledge and skills of the members
15. To subscribe to membership in regional/national/international fora for mutual cooperation and networking.
16. To undertake research and case studies and publish the success stories of cooperative societies, and of the experiences of the members
17. To borrow from banks/national/state cooperatives/charitable/religious institutions and other financial institutions for providing credit to the members.
18. To mobilize funds from members by way of savings and investments as per the directives of the RBI.
19. To take on lease /hire/rent/ place, building, etc for the functioning and the benefit of the Society.
20. To acquire property, both moveable and immoveable for the benefit of the members and for the sustainability of the Society.
21. To donate funds for charitable and public cause.
22. To receive funds/grants/subsidies from Government and Non¬ governmental Agencies both within the country and from overseas.
23. To employ/hire professionals and staff for the smooth and efficient functioning of the Society, either on full time or part time basis.
24. To train the Board of Directors/Officers/Staff of the Society in required skills for the better management of the Society, both within and outside the country.
25. To establish branches/subsidiary units/chapters of the Society in other parts of its operational area.
26. To take up Advocacy programs with the Central/state Government on matters of policy-making and legal amendments which are pro-poor with reference to micro credit, rural marketing, and food security.
27. To enable individuals/groups/communities to live with the values that are enshrined in the Indian Constitution, namely Justice, Equality, Freedom, and Fraternity through education, training, cultural activities of painting, dance, music, architecture, and so on.
(B) Functions:
In furtherance of the above objects, the Society may undertake any or all the following activities:
1. To encourage thrift by savings among the members.
2. To mobilize investments through Fixed/short term /long term, Recurring Deposits.
3. To issue various types of loans for the purpose of agriculture, debt-redemption, land for landless, home for homeless, self-employment, micro enterprise, small and medium enterprises, education, health, and other relevant needs of the members.
4. To promote SHGs
5. To promote various types of insurance schemes among the members.
6. To organize training programs for different groups as per their need.
7. To conduct exhibition/sale of the SHGs products with a view to better Marketing
8. To create village resource/knowledge centers.
9. To organize value-based education and training to the children of the villages with a view to mould them to become better citizens.
10. To undertake any other activity that is incidental towards the furtherance of the objects of the Society.
11. To enable the members to develop a network of food security through food banks, community feeding centers, etc.
(C) Other Functions:
In addition to the above, the Society shall also undertake the following functions:-
Subject to the provisions of this Act and any other law for the time being in force, the Society may discharge the functions to facilitate the voluntary formation and democratic functioning of the Society based on self-help and mutual aid. Without prejudice to the generality of the provisions contained in sub-section (l), the Society may—
1. Ensure compliance of the cooperative principles;
2. Provide specialized training, education and data-based information;
3. Undertake research, evaluation and assist in preparation of perspective development plans for its members.
4. Promote harmonious relations amongst the members.
5. Help the members to settle disputes among themselves;
6. Undertake business services on behalf of its members, if specifically required by or under the resolution of the General Body or the Board of the Society.
7. Provide management development services to members.
8. Evolve code of conduct for observance by the members.
9. Assist the members in organizing self-help;
10. Develop market information system, logo brand promotion, quality control and technology up gradation.