Bongaigaon College Employees’ Co-operative Thrift & Credit SocietyBongaigaon College Employees’ Co-operative Thrift & Credit Society is instituted in Bongaigaon College in the year 1974 with the objective of developing a full proof mechanism off in ancialassistancetobegiventothe members of the Society.The Society runs with an approved bye law,registeredundertheSociety’sAct1949 vide Registration number G-94/73-74.Since its inception,the Society has accumulated a corpus fund of around rupees2.75crores.The Society is administered by constituting one Board of Directors,functional for a period of five years.The accounts are regularly audited internally followed by statutory audit.
The primary objective of the Society is to provide financial assistance to the members. The Society has made a provision of temporary (Short-term) loan to be allotted to the members against their approved applications to a tune of maximum Rs.3.0lakhs to be repaid in 12 equal monthly installments.The members can also get permanent(long term) loan upto a maximum limit of Rs.18.0lakhssubjecttothe prior sanction by the Board of Directors. The faculty and the staff in the college do not have any medical or residential facilities except monthly allowances.Hence the College Cooperative Society has been playing a responsible role in ensuring welfare to them in times of any emergencies or situations of deep financial crunch. The present strength of the Society stands at 46 members, subscribing regularly.
The uniqueness of the service of the Society lies in its continuous credit service to the staff members as as tanding support without much paper work. The rate of interest for these loans are so nominal and the process of getting the same sanctioned is so smooth that the members feel liquid asset being available to them at their door step. The Society has also created one Welfare fund for the welfare of the staff in times of their acute crisis and critical illness.
The Society of the College has tremendous success, visualized in the accumulated corpus fund. Its success is also evidenced in the residential buildings being constructed by many members at the early stage oft heir service life. It has also supported the members in providing higher education to their wards. Quarterly internal audit, followed by annual audit and then statutory audit of the books of accounts have kept the record completely transparent.
However, the Society has been facing challenges in monthly subscription collection from the members since the days of provincialization of the college. The earlier practice of getting the monthly contributions deducted at source has been stopped due to treasury based ECS transfer of salary of the employees in the college. As the treasury has not accepted making such deduction from the salary, the alternative arrangement of collecting post-dated cheque from each member for entire financial year, has become a cumbersome job in the part of the secretary. Though some members use internet banking for contributing to the society per month, but this net banking facility is not availed by each members. Hence, the Secretary of the Society has extra workload of collecting monthly contribution from the defaulters.