MFI Report

The Swayamkrushi Women's Development Mutually Aided Co-operative Thrift Society registered under Andhra Pradesh Mutually Aided Co-operative Societies Act 1995 with the Registrar of Co-operative Societies, Visakhapatnam on 26th November 1996 bearing the Regd. No. AMC/VSP/DCO/96-9. The micro finance programme started as an activity in YCO during 1992. Initially the approach was one of linking self-help groups (SHGs) and banks. This helps YCO to identify a few major issues and weakness. In this linkage approach the target population still depends upon the banks and there is always a great delay in deliver the loans. In addition people's savings kept as collateral in the banks rather than being available for local investment. Bearing all of this in mind, YCO decided to promote a separate programme. Keeping all these things in view, YCO promoted a separate institution, strictly as a local savings and credit cooperative, which has been functioning independently since 16th January 1997. The main aim of the Women's Cooperative is to provide timely finance to its members and make the women real owners (through share holding) of their own institution rather than dependent on the charity of others. Within the YCO system ten women from a Team Action Group (TAG). Individual members of these women's groups can enroll as share holding members of the co-operative. They elect a nine member Executive Board every three years. The Board consisting a President, Vice President and Secretary (who is calling as Managing Director). The President shall have overall supervision and control over the affairs of the society. The Managing Director has the power, functions and responsibilities as chief staff officer of the Women's Cooperative as per the directions of the Board and President Hide