Improving access to formal banking and credit services for farming households in unbanked areas
Rural Finance
WHAT IS AN IVCS?
An Integrated Village Cooperative Society Ltd. (IVCS) is a registered community-based organization registered as a cooperative society under the Meghalaya Cooperative Societies Act 2015, serving as a platform that offers various financial and essential services, including thrift, credit, and intermediation, alongside engaging in market access initiatives and income-generating activities to enhance welfare and livelihoods
IVCS are village cooperative societies whose primary role is to provide thrift, credit and other financial services to members.
Locally, they provide other services such as supply of inputs and essential items sourced from outside the village, aggregation of agri and allied products, sale of groceries, storage etc.
IVCS are modelled to operate on a self-sustaining mode – a person can become member of IVCS by purchasing at least one share.
IVCS can act as a service provider through which government, NGOs etc. can reach a village. They can also act as banking correspondents for various banks and financial institutions.
IVCS are growth hubs that engage in diverse economic activities such as supplying agricultural inputs, aggregating and marketing produce, renting farm tools, promoting animal husbandry, and establishing retail outlets for village supplies.
IVCS are village cooperative societies whose primary role is to provide thrift, credit and other financial services to members.
IVCS can act as a service provider through which government, NGOs etc. can reach a village. They can also act as banking correspondents for various banks and financial institutions.
IVCS are modelled to operate on a self-sustaining mode – a person can become member of IVCS by purchasing at least one share.
AT A GLANCE
COMPONENT OUTPUT
- Formation of 500 IVCS.
- 90,000 IVCS members are actively using financial services, either from IVCS or facilitated from banks.
- Average combined share capital and savings per household with IVCS exceeds Rs 10,000.
- Total membership at 1,20,000 members.
- 70% of the IVCS are financially sustainable and have loan recovery rates of at least 95%.
COVERAGE
- 500 Integrated Village Cooperative Societies in 18 Blocks across 11 Districts.
COMPONENT BUDGET
REPRESENTATION OF IVCS ACROSS MEGHALAYA
As of 31 March 2024
SNAPSHOT OF ACHIEVEMENTS (rf)
500
Integrated Village Cooperative Societies Ltd. (IVCS) formed and registered
67,500
Households covered in total 1420 villages across Meghalaya
200
IVCS serving as banking correspondents
92,358
Total Shareholders across all IVCS
71,704
Total savings deposit accounts opened by members
INR 4.4 Cr.
Toal share capital mobilized
INR 2.3 Cr
Total disbursed by IVCS as loans
52%
Women members in Managing Committees across all IVCS
