This is another initiative of ADARSHA to empower the rural poor for meeting their credit and saving requirements. With the establishment of Navachthana Multipurpose Souharda Cooperative Society Ltd., in February 2006 we had instituted an important cornerstone in creating a sustainable peoples’ financial institution (People’s Bank) for economic growth and financial self-reliance. The cooperative has grown during the last 16 years having a membership of over 3500 people most of whom are women self help group members catering to their financial investment needs and credit requirements. The objective of this institution is to free the rural poor from the clutches of money lenders and profit-making financial institutions that drain and suck the saving and wages of the rural poor.
Navachethana Multipurpose Souharda Cooperative Society (NMSCS) Ltd. is registered under Karnataka Souharda Cooperative Act 1997 and under the jurisdiction of Karnataka State Souharda Federal Cooperative Ltd. It is fully managed by the people thorough a director board elected by the competent authority from among the self-help group members with an overwhelming women representation.
