What is compulsory credit/Thrift?

Thrift Cooperatives

People in the rural areas lack reliable avenues to save money. Though they need financial help, they prefer not to approach a bank because they do not understand it`s working and do not trust it. The concept of Thrift Cooperatives (TCs) is far easier for rural people to understand.

Thrift Cooperative (TC) is a voluntary association of individuals who come together to meet their savings, credit and insurance needs. This organisation provides them savings credit and insurance services through various schemes on the basis of self-help and mutual-aid and on terms and conditions decided by members themselves.

TCs are open to all eligible members of the community. Today, with rapid progress of Thrift Movement, TCs are extending services to their members on an every day basis. The savings of the members need to be used, because the interest collected on loans has to be used to pay interest on savings and also to earn surplus.

Sahavikasa began helping rural people to form TCs in Warangal and Karimnagar districts of Andhra Pradesh, from the year 1990. Women`s thrift cooperatives (WTCs) were started from 1990 and men`s thrift cooperatives(MTCs) were set up from the year 1992. Since then, CDF`s fieldwork area has spread to Medak, Rangareddy and Nalgonda districts.

Thrift cooperative Structure

In the first meeting of the thrift cooperative all members meet and lay down bylaws and business rules. They also elect committee members, who run the cooperative according to bylaws. In the beginning, usually the transactions take place one day in a month till the members and committee members become comfortable __________ _________ ______ ___ _______ ________ _____ _______ ______.
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