IEG Employees Co-operative Thrift & Credit Society Ltd. was registered under Registration No. 563(U) on 27th February, 1981. The bye-laws filed by the said Society have also been duly registered.
IEG Empl. Co-op. T & C Society has the following major activities for its members :
1. For becoming a member of the Society, Initial membership fee will be of Rs. 50/-. Every member shall purchase at least one share. Maximum shares can be purchased 1/10 of the total loan limit hence for taking loan minimum 10% shares are mandatory.
2. At present, Society is disbursing Loan to its members upto the extent of Rs.2.5 lakh. So, if a member wishes to take a loan of Rs. 2.5 lakh he/she should have atleast 2500 shares in his holding.
3. Society gives tax free dividend to its members on individual member’s share capital depending upon the profit which is decided by the General Body.
4. Compulsory deposit is deducted from every member from the salary on monthly basis @ Rs. 500/- p.m. which is refundable at the time of retirement or on resigning from the society with an interest of @ 4.5% at present at par with the saving bank account rate.
5. Optional deposit facility is also available. Society gives 6.25% interest on optional deposit.
6. Atleast one General body meeting in a year and monthly Management Committee Meeting is held for looking after the activities of the Society.
7. There is a Management Committee consisting of a President, Vice-President, Secretary, Joint-Secretary, Treasurer and six members which is constituted by the General House through election.
8. Society’s saving bank account is with Canara Bank, IEG Branch, Delhi-7 within the premises of Institute of Economic Growth, Delhi.
9. Presently there are 68 members in the Society.