FAQ:-C-Max Credit Co-Operative Society Ltd.
  • What is ‘Cooperation’?

    According to economic historian, Charles Guide "Cooperation is self-help and each for all (mutual-aid)". Self-help means the pride of supplying one's own needs by one's own resources, of being one's own merchant banker, money lender and employer. "Each for all",

  • Who can become members of a cooperative society in India?

    Persons who may become members of a Multi-State Cooperative Society: (As per Multi-State /cooperative Societies Act, 2002).
    (a) an individual, competent to contract under section 11 of the Indian contract Act, 1972.
    (b) any multi-state Cooperative society or any Cooperative society.
    (c) the Central Government
    (d) a State Government
    (e) National Cooperative Development Corporation (NCDC)
    f) any other Corporation armed or controlled by the Government.
    No individual person shall be eligible for admission as a member of a national Cooperative society or a federal Cooperative

  • Which are the laws that regulate cooperative societies in India?

    Laws regulating Cooperative Societies in India are:
    (a) State Cooperative Societies Acts of individual states
    (b) Multi-State Cooperative Societies Act, 2002 for the multi-state Cooperative societies with Area of operation in more than one State.

  • What is 'Multi-state Cooperative Act'?

    A multi-state Cooperative Society means a society registered or deemed to be registered under the Multi-State Cooperative Societies Act, 2002 and includes a national Cooperative society or a Federal Cooperative.

  • What is Cmax Credit Co-Operative Society Ltd.?

    Cmax Credit Co-Operative Society is a Multi State Co-Operative Society registered with Ministry of Agriculture, Department of Co-operation under Multi State Credit Co-Operative Societies Act 2002. by Registration no. MSCS/CR/451/2011.

  • How does the Society utilize the funds/deposits procured by it?

    The Society uses the funds in lending to the members and investments as per the societies act/rules/by-laws. Our lending is in the shape of small loans for business, Micro Finance and other co-operative institutions.

  • What is the difference between Cmax Credit Co-Operative Society and Financial Companies?

    Cmax Credit Co-operative Society Ltd is registered under Multi state Co-Operative societies act and rules. Society is not a personal institution owned by an individual but is a fully democratic organization managed by Board of Directors who are elected by the members of the society in the Annual General Meetings and the Board of Directors also takes decisions in a collective manner with total transparency. The department of Co-Operatives constantly reviews the functioning of the society at regular intervals. Finance companies are usually owned by individuals and frame the policies according to choice of the owners to maximize returns. The general members/ depositors/ Investors have no role to play. There are some possibilities for the absence of transparency. Members/ Investors have virtually no knowledge of the affairs/ legal provisions of N.B.F.Cs/other financial institutions and the statutory liabilities of the institutions are also limited. When you invest your money in Cmax Credit Co-Operative Society you are not only an investor you are a member of the society.

  • Are the deposits with the society safe & secured?

    Yes, because Government of India has framed the laws/rules to ensure the security and safety of deposits and the investment and operations of the society is continuously audited by the auditors of Ministry of Agriculture

  • Why the Cmax Credit Co-Operative Society Ltd. is paying ‘Higher Rate of Interest’ to its members/ Investors as compared to the Rate of Interest of Commercial banks/ Financial Institutions?

    There are varieties reasons which help the society in offering better Rate of Interest. A few of them are listed below:-
    Income earned by the society on account of Interest on loans/ advances granted to members which contributes a major part of society’s Income is exempt from Income Tax as per section 80P of Income Tax Act. Therefore the society is able to save some amount which could have otherwise been paid as Tax. The founders of the society felt that some portion of this should be passed on to the members by offering higher Rate of Interest.
    C.R.R. Cash Reserve Ratio: - Banks and other financial institutions have to keep about 4 to 5 percent of their deposits in cash or with Reserve Bank of India as per R.B.I. regulations. Amount so kept does not earn any interest and reduces the banks’ capacity of lending.
    S.L.R. Statutory Liquidity Ratio :- Banks have to keep the almost 25 to 30% of their deposits in different type of securities which earn them less interest as compared to the Rate of Interest prevailing in the market thus reduced earnings compared to society. Cmax Credit Co-Operative Society is exempt from maintaining Cash Reserve Ratio (C.R.R.) & Statutory Liquidity Ratio (S.L.R).
    Banks and other financial institutions are spending huge amounts in the shape of capital expenditures and establishment cost. As compared to banks and N.B.F.Cs’ our operational cost is very low and the benefit of this also is being passed on to the members.

  • Can I become a member agent or member collector of the Society?

    Yes, anyone who is keen on earning money through co-operation and fulfils the criteria set by the society to become an agent member or collector member is welcome to contact the branch for further information.

605-606 Jaina Tower IInd Distt. Center,
Janakpuri, New Delhi-110058
Email.Id- Complaints@cmaxgroup.in
Website :- www.cmaxcredit.in
Contact No: 8750-8750-97
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