Banking business means the business of receiving money as deposits and making of advances to the needy persons. One of the main functions of banking is paying cheques drawn on it and collecting chequee on behalf of its customer.


  Banker includes a body of persons whether incorporated or not who carries business of banking. The financial institution, as per RBI norms are categorized as: 


a.    Banking Institutions


b.    Non-Banking Institutions


Co-Operative Society (Non-Banking Institutions):


  Under the non-banking institution, the co-op societies are included, which are functioning under the control of register of co-op. societies. A cooperative society is an autonomous association of people who voluntarily co-operate for their mutual social, economic and cultural benefits.


Sneha Mutually Aided Co-op Society:


    In short sneha MACS was established and registered under AP mutually Aided Co-op Society Act 1995, on 07-03-2008, and situated at D.No.50-61-3, Rajendra Nagar, Seethammapeta, Visakhapatnam, with a motive of promoting self sustenance and social empowerment of the poor and downtrodden families and holding the social responsibility through charitable activities. The society with in a short span of time gained the hearts of the people and with the immomerable support of all the responsibe members, the society have been growing day by day with huge turnover and have reached the remarkable peak in this long journey.




  • The objective of the society is to promote economic and social betterment of its members through thrift, self-help and mutually aided in accordance with the principles of co-operation as enunciated in section 3 of the Act.

Activities & Services:


  • In furtherance of its objective, either by itself or in collaboration with other cooperative, financial and development organizations, the society will
  • Encourage and afford all facilities for cultivating the habit of thrift and saving among members;
  • Receive all types of short, medium-term and long-term deposits and in particular thrift, recurring, fixed and other deposits from members;
  • Lend, advance, grant short-time, medium-term, long-term and other types of loans to the members with or without security for consumption, productive and asset formation purpose;
  • Formulate and implement such relief, benevolent, mutual aid and welfare schemes for the economic and social betterment of the past and present members and their families.
  • Offer financial and development counseling and implement necessary programmers for the overall welfare and development of the members and their community.
  • Liaise with related agencies such as governments, regulatory authorities, financial institutions, banks, national and international development agencies federal cooperative, local bodies etc for obtaining any benefit or promoting the interests of the members and society.
  • Lobby for more supporting legislation, government policy and public support to augmenting the interest of thrift and credit societies and their members.
  • Promote the concept of thrift and credit as an integral component of community development programmed and assist in promotion of viable, sustainable thrift and credit societies for interested and needy people and wherever possible.
  • Under take action-oriented research in areas of interest to thrift and credit movement;
  • Public and distribute educational, training and management material of interest to thrift and credit movement.
  • Prepare projects on behalf of its members for financial and technical assistance from other organizations and implement them;
  • Enter in to arrangements with any government state, municipal, local or any authority or with any local, national and international development agencies and obtain any advantage for the society or its past and present members and their families.
  • Subscribe or contribute or other wise to assist or to guarantee money to charitable, educational, health, benevolent, scientific, cultural and public utility institutions or such object and purposes having relation to the development and welfare of members and the society.
  • Invest its resources including surplus funds in shares and securities, movable and immovable properties in non speculative manner for the advantage of the society and furtherance of its aim;
  • Collaborate with cooperative, financial and development organizations in financial technical terms and promote subsidiary or new organizations, if necessary;
  • Undertake any activity and provide necessary services for the welfare of its members.
  • Undertake any other activity which is incidental and essential for attainment of its objects.
  • Local bodies etc for obtaining any benefit or promoting the interests of the members and society.