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The Indian Cooperative Credit Society Limited (ICCSL) is a prominent credit co-operative society in India, established in 1998. ICCSL primarily serves communities in Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, and Union Territories like Puducherry and Silvassa. Its mission focuses on the economic empowerment of marginalized and rural populations by providing them with financial services, including loans and savings schemes.
History and Mission
editICCSL was founded to uplift the weaker sections of society, particularly those from rural, agricultural backgrounds. Its primary goal is to provide financial support through loans, allowing individuals and communities to access the capital needed for personal and business growth. The society aims to create a platform for financial inclusion, empowering its members to lead lives of dignity and financial stability.
Branches and Membership
editAs of March 31, 2020, ICCSL operates 87 branches across India, with a significant presence in South Indian states and union territories. The society has also built a network of 5,000 advisors who assist members with financial planning and decision-making. By the same date, ICCSL had more than 200,000 members across the country, making it a leading credit co-operative society in India.
Services and Operations
editICCSL offers a range of financial services to its members, many of whom have limited access to traditional banking services. These services are designed to meet the needs of communities and enterprises from rural and underdeveloped regions. ICCSL provides:
- Home Loans: To support members in purchasing or renovating their homes.
- Agriculture Loans: To assist farmers and agricultural workers in improving productivity and sustaining their livelihoods.
- Deposit Schemes: Offering reasonable interest rates, ICCSL provides savings options to its members, allowing them to secure their financial future.
A Model Credit Co-operative Society
editICCSL is known for its personalized approach to banking. The society tailors its financial products to the specific needs of its members, ensuring they receive fair terms and a high level of customer service. This has made ICCSL a model credit co-operative society in Kerala, with a proven track record of success and a growing membership base. As of 2020, the society had over 200,000 happy members and 10,000 advisors in Kerala alone, highlighting its significant local impact.
Structure and Autonomy
editICCSL operates autonomously, with an open membership policy for like-minded individuals who share its vision of financial empowerment. The society is owned and managed by its shareholders, with decisions made in the best interests of the community. Its democratic structure ensures that every member has a voice in the operations of the society, reinforcing its commitment to transparency and social welfare.
Social Impact
editThrough its operations, ICCSL has made a meaningful difference in the lives of its members. By providing affordable loans and savings schemes, the society has contributed to the financial stability of individuals, families, and communities. Its efforts have particularly benefited those who face barriers in accessing mainstream financial services, such as small farmers, laborers, and rural enterprises.
References
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