CDS THRIFT AND CREDIT COOPERATIVE SOCIETY (TACCOS)
CDS Thrift and Credit Cooperative Society (TACCOS) Limited is a financial institution established to foster economic development among its members through internal lending. As a subsidiary of the Community Development Society, TACCOS operates under the regulatory framework provided by the Manipur Cooperative Society Act, which ensures that it adheres to cooperative principles and practices.
OBJECTIVES OF TACCOS
The primary aim of TACCOS is to promote thrift and savings among its members while facilitating access to credit. This dual focus on saving and lending is crucial for enhancing the economic welfare of its members. By encouraging members to save, TACCOS creates a pool of funds that can be lent out at reasonable interest rates, thus supporting various economic activities within the community.
Promoting Internal Lending: One of the core functions of TACCOS is to provide loans to its members. These loans can be used for various purposes, including personal needs, business ventures, or emergencies. The internal lending mechanism helps ensure that funds circulate within the community, fostering local economic growth.
Economic Development: By providing access to credit, TACCOS aims to empower its members economically. This empowerment can lead to increased entrepreneurial activities, job creation, and overall improvement in living standards.
Welfare Initiatives: Beyond financial transactions, TACCOS also focuses on the welfare of its members. This may include educational programs about financial literacy, investment strategies, and responsible borrowing practices.
Sustenance Among Members: The cooperative society model emphasizes mutual support among members. By pooling resources and sharing risks, TACCOS helps ensure that all members have access to necessary financial services during times of need.
LEGAL FRAMEWORK AND GOVERNANCE
TACCOS is registered under the Manipur Cooperative Society Act with Registration Number 5 of 2020-21. This legal framework provides guidelines for governance, ensuring transparency and accountability in operations:
Membership Regulations: Membership is typically open to individuals who share common interests or reside in a particular locality.
Management Structure: The society is governed by a committee elected by its members, ensuring democratic participation in decision-making processes.
Compliance Requirements: As a registered cooperative society, TACCOS must comply with specific regulations regarding financial reporting, member rights, and operational conduct as stipulated by the Manipur Cooperative Society Act.
CDS Thrift and Credit Cooperative Society (TACCOS) Limited plays a vital role in promoting economic development through internal lending among its members. Its focus on thriftiness encourages savings while providing accessible credit options that enhance welfare and sustenance within the community it serves.
