About Cheshtha Co-operative

THE CHESHTHA CO-OPERATIVE (URBAN) THRIFT & CREDIT SOCIETY LIMITED is one of the best known Thrift & Credit Society unmatched for its quality and highly personalized services. The society is registered with “The Registrar of Co-operative Societies, Govt. of NCT of Delhi, Parliament Street, New Delhi 110001 in the year 2005. The area of operation of the society is NCT of Delhi.

The Founder Secretary of the society is Sh. Krishan Gopal Kaushik from whose inspiration, guidance and directions the society was established to reach each and every needy poor and middle class people of the society.

ORIGIN OF CO-OPERATIVE SOCIETY IN INDIA

The inspiration for the urban cooperative credit movement in India came from similar movement that was successfully introduced in Germany by Schulz Delitzsh in the 19th century. The first Urban Credit Cooperative society (UCC) in the country was the ‘Anyonya Sahakari Mandali’ organized in the erstwhile princely State of Baroda in 1889 under the guidance of Vithal Laxman also known as Bhausaheb Kavthekar.

The Urban Credit Societies in their formative phase came to be organized on the community basis to meet the consumption – oriented credit needs of their members. The salary earners societies inculcating habits of thrift and self help played a significant role in popularizing the movement, especially amongst the middle class as well as organized labour. The enactment of Cooperative Credit Societies Act, 1904, however gave the real impetues to the movement. The first urban cooperative credit society was registered in Canjeevaram in the erest while Madaras provice in October, 1904. Amongst the prominent credit societies were the Pioneer Urban in Bombay, Banglore city, Betgeri (Poona), Gokak Urban and Belgaum Pioneer, the Kanakavali – Math Cooperative Credit Society (Belgaum Distt.)and the Varavade Weavers Urban Credit Society in the South Ratnagiri (now Sindhudurg) district (all in 1906).

The cooperative credit movement provided an alternative mode of doing business where control over the organization is diffused equally among all the members irrespective of their individual share holding, since urban credit societies are organized by homogeneous groups, belonging to a particular community or perusing the same profession or business the chances of success of these societies are much higher than their counterpart in the rural areas, as there is very little scope for emergence of conflict of interest among members. Such was the reputation developed by these societies that the Maclagan Committee (1915) pointed out to the flight of deposits from the commercial bank during the years of bank failure1913-1914 to UCCs. After independence, some of more successful of the UCCs went on the Banking regulation Act 1965, providing for licensing of cooperative banks. Over the years, many UCCs and UCBs have become symbols of the prestige and clout of the communities they represent.