Co-operative Society

Mankar College Employees’ Co-operative Credit Society Ltd. came into being within a few year s of the establishment of the college. The aspiration was to provide financial help to its members and to ease them away from the clutch of the money lenders. The Assistant Registrar of Co-operative Societies, Burdwan Range -2, West Bengal registered the Society, provided the number 426 of1994-95 on 26th December 1994. The Society was to function as per the statutes and Acts of the Government. The Burdwan Central Co-operative Bank Ltd became the financing bank.

Only a permanent employee of the College could/can become a member of the Society. There were only fifteen members to begin with. The salary of the members was meagre. The Society obtained loan from the bank and distributed it to the members and very soon established itself as an effective help at moments of financial crisis. It issued/issues Mid Term (MT) loans to be repaid in 60 EMIs within 5 years and Short Term (ST) loans repayable in 24 instalments within 2 years. Of late the Society has not taken any loan from the Bank and yet issued more than ₹20,00,000/- as MT loan from its own Fund in 2021-22. The recovery of any loan issued is done through salary deduction and so there is/ has been no defaulter ever.

Apart from issuing loans the Society also serves as a savings agent. The members make a monthly contribution to the Thrift Fund and get it back with compound interest when they leave the Society. There is also a Guarantee Fund and Share for the members which offer interest and dividend every year.

The good-will developed, all new permanent employees became members. They were/are confident that they could/can have a loan within days when they need it. And that it can be a faithful friend at the time of a member's retirement.