Gruhalaxmi has two major services which are being offered to its members i.e., Credit and Insurance. At present, Gruhalaxmi is not taking any savings from its members as it has not got the requisite permission from the Office of the DRCS, Dhankanal. In future, taking the requisite permission, Gruhalaxmi has planned to start Compulsory, Voluntary and Daily Savings scheme for its members where members of the cooperative will deposit their money.

To strengthen the livelihoods of its members and to promote various microenterprises the cooperative will extends credit support to its members in terms of production loan as per the need and repaying capacity of the member. All the loans will be subjected to critical loan processing and approval from loan committee.

To provide social security to its client members, Gruhalaxmi has planned to establish a tie up micro insurance service providers who will be providing both Life and General Insurance.

Savings Product

Savings scheme of the cooperative is a vital financial service of the cooperative through which it inculcates savings behaviour of the member household. The primary aim of the Cooperative is to minimise unnecessary expenses and creating a saving base of the household through different savings products.

In savings services, Subhalaxmiwill be offering three types of savings products to its members – Compulsory Savings, Voluntary Savings and Daily Savings. Under compulsory saving, the members will be savings Rs. 50/- or Rs 100/- per month depending upon their capacity. Voluntary savings product is an optional saving service offered by Gruhalaxmi to its members. Daily Savings is a form of savings which is designed for petty businessmen and vendors who are members of the Cooperative. Apart from above mentioned savings products, Gruhalaxmi has also planned to introduce Fixed and Recurring Deposit services for its members.

The savings will be collected from the members through SHGs on a specific date of every month. The staffs of Gruhalaxmiwill deposit the collection amount on the same day of collection at the Cooperative. Each Cooperative member will be provided with computerized individual pass book where all the transactions related to savings and credits will be updated regularly. While collecting the savings and fees, all the members will be provided with a receipt and the amount is entered into the individual passbook of the members.

Loan Products

Credit service of Gruhalaxmi is to support the needy microentrepreneurs to establish their business ventures and to earn their livelihoods. Farmers, petty business man and vendors, microentrepreneurs will avail these services from the cooperative and investing in their ventures to earn profit. The cooperative is extending only production loan to its clients. It has developed a well-defined credit policy to maintain best practices. It will follow a stringent norms and rules to have better control over its loan portfolio. The cooperative sets the following criteria for its loan disbursement.

• The member will be eligible for loan after completion of 03 months of her membership in the cooperative
• She will be eligible for loan only after updating her compulsory savings.
• The loan application and loan repayment collection will be done only in the SHG meeting.
• The entire SHG members will take the responsibility for loan repayment of their members. In case of any default in loan repayment the entire group will share that amount and repay back to the cooperative. The BoD of the respective village will also assist the credit officers in recovery of bad debts
• A detail cash flow analysis will be attached in the loan application of the applicant.
• All the board of directors will represent in the loan committee meeting of the cooperative.

Insurance Products

A member who is covered under any of the insurance products introduced by Gruhalaxmi is eligible for Loan Services. Gruhalaxmi also planned to have corporate tie ups with insurance companies for life and for general insurance. Both insurance schemes will be open for all the members of Gruhalaxmi.The KYC of nominee will be obtained from the nominee through the member. The data of all the insured members will be shared with insurance company within couple of days of premium collection. The data needs to be confirmed with the insurance company and any discrepancy needs to be settled.