Matching grants to MACTS at Elechiteladibba

From End Of Poverty

One of the important activities finalised in the first year of execution was to form a Mutually Aided Cooperative Thrift and Credit Society (MACTS) with all the 362 families as members. The committee members felt the necessity of this cooperative society for their economic uplift. Salient features of this society and the efforts made so far are as follows:

• All the 362 families have paid INR 10- each as initial membership fee to start the society.
• All the 362 families have agreed to contribute INR 500- each as share capital in two instalments: first INR 250- each by the end of August 2008 and second instalment of INR 250- each within six months after the registration of the society.
• Bye-laws of the society have already been finalised and the society with the name ”Adarsha Mutually Aided Cooperative Thrift and Credit Society Limited” has already been registered.
• The society is headed by the Executive Committee of 22 members (11 committee members and 11 more female members).
• In addition to the share capital, the society members will pay the monthly savings of INR 10- each. However, this savings will start only after the collection of the total share capital of INR 500- each.
• Special 4-day training with the support of CARE-SART was conducted to 70 members (male and female) on entrepreneurship development. Four cultural camps were also organised exclusively on livelihood promotion.