About us

is Retail and Commercial Banking Organized on a Co-operative basis.Co-operative Banking, as discussed here, includes Retail Banking carried out by credit unions, Mutual Savings Bank, Building Societies
and Co-operatives, as well as Commercial Banking services provided by mutual organizations (such as Co-operative federations) to
Co-operative businesses.

ABOUT US

RRCAT Employee Co-Operative Credit Society was established on 4 th May 1993, considering the needs and interests of the employees of Raja Ramanna Center for Advanced Technology, Indore.

Its main aim is to motivate habit of saving for the future and co-operation in the employees, and to meet the immediate economic needs. In this regard, this institution provides funds to its members smoothly according to the capacity. With the intellect of Board of Directors, and the suggestions and support given by the members, this institution is moving forward on the path of continuous progress, by establishing new dimensions.

The Board of Directors is always ready and committed to support all the members while keeping in view, the interests of the organization and members.

OBJECTIVES

• To encourage co-operation amongst the members.

• To enable its members to obtain loans on reasonable terms.

• To enable members to save of their income in a safe and convenient way.

• To lend money from funds to be created by means specified hereinafter with interest to the members of the Society.

• To create a welfare fund for the staff as well as for the members of the Society.

• To grant loans to purchase utility articles under Special Loan scheme of the Society.

• To do such other things incidental or conducive to the attainment of all or any of the above objects.

FUNDS

Funds shall be raised by all or any of the following ways:

MEMBERSHIP

He/She is regular employee in Raja Ramanna Centre for Advanced Technology, Indore,  Department of Atomic Energy. Duly filled membership form (available in Society’s office or Click Here to download) to be submitted to Society office with signatures of two witnesses and initial charges.  His/Her application has been approved by the Managing Committee. He/She has paid an entry fee of Rs. 50/- only and  gives in writing an irrevocable authority in prescribed to his employer to recover by deduction through his salary dues payable by him to the Society. 

SHARE

Share Amount: Minimum one share of Rs.100/- has to be purchased for initial membership. A member can purchase maximum 25 shares at the time of becoming a member. At present society hold 50000 shares (Fifty Thousand) value in Rs. 5000000/- (Fifty Lakh Only) only.

SUBSCRIPTION

Monthly Subscription: Should be in multiples of Rs.100/-only. First subscription amount to be paid in cash while becoming a member. Further subscription shall be recovered from monthly salary.

(Note: Subscription can be increased or decreased at any time of membership subject to minimum of Rs. 500/- and Maximum Rs.6,000/-).

BUSINESS PROCEDURES

Loan: A member shall be eligible for four type of loans as follows:

Saving: A member shall be eligible for earning as follows: