ABOUT US

Que 1: Is this cooperative society registered under State govt. or Central govt.?

Ans: Yes, this cooperative is registered under Bihar govt. Cooperative Societies Act 1996.

Que 2: Is this cooperative society work like a bank?

Ans: Yes, working nature is same.

Que3: Is this cooperative society trustable or not? Our money will be safe or not ?

Ans: That depends on your faith and you can ask to the Bihar cooperative department for further query.

Que 4: Where will be our money invested by this cooperative society? Is there a fixed chance for return?

Ans: Yes, First your money will be invested in secured loans and in different projects like education, dairy project and farming.

Que 5: Is this cooperative registered under RBI and SEBI?

Ans: As this cooperative society working only in Patna district, so it doesn’t need any registration of RBI and SEBI. After commencing branches in multi state then it will be under RBI and SEBI. This time, it is registered under Bihar govt. Cooperative Society Act 1935.

Que 6: How this cooperative Society different from Non-Banking?

Ans: Non banking doesn’t offer different loans and not authorized for opening of SB A/C.

Que 7: Why anyone would go for investment in your cooperative rather than investing in PSU or Pvt. Banks?

Ans: That depends on your choice, but we are offering different and attractive schemes which others do not offer. As our Cooperative Fixed deposit schemes for double money is 7 years 9 Months and others offer generally in 10-12 years.

The idea of forming a co-operative institution was mooted by the present chairman & CEO, way back in January 2011. It started with handful of likeminded people, who had a vision & dream to serve the marginalized section of the society differently, gradually it grew to few dozens, after several informal & formal meetings & sessions, Citizen Savings & Credit was institutionalized in Aug 2012. 60 people came together to promote & form the society .The other promoter members of society includes, expert from financial services Industry, Rtd. Engineer, social worker, small business owners. The objective was to render financial support the marginal urban as well as rural class, who are denied of vital services in absence of established credentials under present financial system & structure. Citizen Savings and Credit co-operative is a budding but vital part of the informal sector of the economy & society under Bihar self supporting co-operative society act, 1996. Citizen savings and credit is an association of group of people, who have voluntarily joined together to achieve common economic and social objective and forming a joint, owned and democratically controlled cooperative organization. Members make equitable contributions to the capital/labour required and accept a fair share of risks and benefits of the undertaking, Citizen works on the principal of self help and mutual assistance & benefit to provide services for their members and society at large. Citizen savings and credit acts as a financial institution as well which is controlled and owned by its members. We collectively aim & work at uplifting the backwardness by rendering financial assistance & services. Citizen understands the social and economic dynamics and responsibilities very well hence, it is determined & strives for upliftment of its people and the society where it operates. It provides group loans to women, lending facility to persons involved in unorganized sector/informal jobs like local artisan, vegetable vendors, auto/rickshaw drivers/domestic helps/street vendors/daily wage earners/sales man & women/kiosk shop owners & marginal farmers. The list goes on. The new economic growth has created job avenues but under informal structure, many employees & workers look for financial assistance & support & we are going to serve them.

Since co-operative are based on values like self help, democracy, equality and solidarity. Our thrust is on women’s financial empowerment. It plays vital role in empowering women socially and economically as well. Various projects in order to encourage women in small scale domestic/cottage industry are being promulgated under the guidance of Mrs. Meera Sinha(CEO). She has further future plans as well. She aims at setting up dairy as well as poultry cooperative farms exclusively for women at village and panchayat level. She is also working on the pattern to connect the vegetable producers directly with the retailers in the city, meanwhile taking care of their credit requirements. A small step towards this goal has been made with opening of Citizens 1st rural centre at Gaurichak, south of Patna and 2nd one at Phulwari Shareef.