How to register
prabhakaran k
(Querist) 13 December 2014
This query is : Resolved
we are village community group and giving a micro loans to farmers and other people in our village for more than ten years for that we get small subscription from our people ( all subscriber are members of our village group )on weekly basis and lend them based on their subscription amount for ten installment for that we charge interest ,and end of the year we repay ourselves the subscription amount with some interest accumulated through this . we want to take up this next level and want form this a registered entity to whom we approach and get registered.
prabhakar singh
(Expert) 13 December 2014
This is a regulated business being carried illegally .To do it legally apply for licence from Reserve Bank of India.
ajay sethi
(Expert) 13 December 2014
apply to RBI for licence
Rajendra K Goyal
(Expert) 13 December 2014
Your previous activity seem to have been covered under Self Help Group, and now want to convert it to cooperative society. get the registration from Society department. Now RBI has imposed no. of restrictions on accepting deposits and lending business by cooperative society also. consult distt. society office for details.
