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shreecom · 2 days

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New rules in co operative credit society

Rule:

Further to amend the Maharashtra Co-operative Societies Act, 1960. WHEREAS it is expedient further to amend the Maharashtra Co-operative Societies Act, 1960, for the purposes hereinafter appearing; it is hereby enacted in the Seventy-fifth Year of the Republic of India, as follows :— 1. This Act may be called the Maharashtra Co-operative Societies (Second Amendment) Act, 2024. 2. After section 69 of the Maharashtra Co-operative Societies Act, 1960 (hereinafter referred to as “the principal Act”), the following section shall be inserted, namely:––

“69A. (1) There shall be constituted a Co-operative District Cadre of Secretaries of the Primary Agricultural Co-operative Credit Societies (hereinafter in this section referred to as “the Co-operative District Cadre”) consisting of persons recruited for this purpose by the District Supervision Co-operative Society. The number of persons to be recruited in the Co-operative District Cadre and their conditions of service shall be determined by the District Supervision Co-operative Society in accordance with such general or special guidelines, if any, as may be issued by the State Government, in this behalf, from time to time. (2) A District Supervision Co-operative Society may, from time to time, depute any person appointed by it to work under any society referred to in sub-section (1) as it may consider necessary. Where any such person is posted to work under any society, his services shall be taken over by the society on such post, for such period and on such other terms and conditions, as the District Supervision Co-operative Society may determine. The person so posted shall draw his salary and allowances from the Fund established under sub-section (4). (3) The immediate initial supervisory control on the person appointed in the Co-operative District Cadre and deputed or posted to work as a Secretary under each of the societies referred to in sub-section (1) shall vest with the society concerned. Such society shall follow the bye-laws of the District Supervision Co-operative Society regarding the terms and conditions of services of Secretaries. (4) A District Supervision Co-operative Society shall establish a Fund to be called “the Co-operative District Cadre Employment Fund” and it shall be utilised for meeting the expenses on the salaries, allowances and other emoluments to be paid to the persons appointed to the Co-operative District Cadre and the other expenditure relating to the Cadre. (5) Every society, which derives any benefit directly from the service of any Secretary belonging to the Co-operative District Cadre shall contribute to the said Fund at such rate and in such manner as may be prescribed by the State Government. In determining the rate of contribution, the State Government shall take into consideration the expenditure referred to in sub-section (4), the services likely to be rendered, the financial condition of the societies, including the loans disbursed and outstanding and other non-credit activities undertaken by the concerned society. (6) The State Government may make rules regulating all matters connected with or ancillary to the custody and maintenance of, the payment of money into, and the expenditure and withdrawal of money from, the said Fund.

3. In section 88 of the principal Act, in sub-section (1), in the first proviso, for the words “within a period of two years”, the words “within a period of one year” shall be substituted.

How to register new co-operative credit society in Maharashtra state:

Application for registration and registration fees

(I) Every application for registration of a society under Section 8 shall be made in Form 'A' in Marathi, Hindi or English, and shall, subject to the provisions of sub-section (2) of Section 8 and sub-rules (2) and (3), be signed by the applicants and shall, in addition to four copies of the proposed bye-laws of the society, be accompanied by:

(a) a list of persons who have contributed to the share capital, together with the amount contributed by each of them, and the entrance fee paid by them;

(b) A certificate from the Bank or Banks stating the credit balance therein in favour of the proposed society;

(c) be economically sound and, where the scheme envisages the holding of immovable property by the society, the description of such property proposed to be purchased, acquired or transferred to the society;

(d) such other documents as may be specified in the model bye-laws, if any, framed by the Registrar;

(2) Where any member of a society to be registered is a registered society, a member of the committee of such registered society shall be authorised by that committee by a resolution to sign the application for registration and the bye-laws on its behalf, and a copy of such resolution shall be appended to the application.

(3) Where any member of a society to be registered is a firm, company, other corporate body, society registered under the Societies Registration Act. 1860, or local authority or public trust registered under any law for the time being in force for the registration of such trusts, then such firm, company, corporate body, society, local authority or public trust, as the case may be, shall duly authorise any person to sign the application for registration and the bye-laws on its behalf, and a copy of the resolution giving such authority shall be appended to the application.

(4) The application shall be sent to the Registrar by registered post or delivery by hand.

Rule No 5. Registration

(1) On receipt of an application under Rule 4, the Registrar shall enter particulars of the application in the register of application to be maintained in Form 'B', give a serial number to the application and issue a receipt in acknowledgement thereof.

(2) The Registrar may give, wherever necessary, opportunity to the promoters to modify the proposed bye-laws before finally registering the society or rejecting the application for registration of the society.

(3) On registering a society and its bye-laws under sub-section (1) of Section 9, the Registrar shall as soon as may be, notify the registration of the society in the Official Gazette and grant to the society, a certificate of registration signed by him and bearing his official seal and containing the registration number of the society, and the date of its registration. The Registrar shall also furnish the society with a certified copy of the bye-laws approved and registered by him.

Rule No 6. Form of report under Section 9(2)

The report to be made by the Registrar to the State Government under sub-section (2) of Section 9 shall be in Form 'C'

Rule No 7. Refusal of Registration

Where any society does not furnish the information in regard to the society as required by the Registrar or fulfil any of the conditions laid down in the Act or these rules, the Registrar may refuse to register that society.

Rule No 8. Matters in respect of which Registrar may direct society to make bye-laws or society may make by-laws

(1) The Registrar may require a society to make bye-laws in respect of all or any of the following matters, that is to say—

(a) the name of the society and address of the society and its branches; (b) the area of operation; (c) the objects of the society; (d) the manner in which and the limit up to which the funds of the society may be raised, the maximum share capital which any one member may hold and the purpose to which the funds would be made applicable; (e) the terms and qualifications for admission to membership; (f) the privileges, rights, duties and liabilities of members including nominal, associate and sympathiser members; (g) the consequences of default in payment of any sum due by a member; (h) conditions regarding sale or disposal of produce of members, wherever applicable;

. First bye-laws of a society

When a society has been registered the bye-laws of the society as approved and registered by the Registrar shall be the bye-laws of the society.

Rule No 10. Classification and sub-classification of societies

(1) After registration of a society, the Registrar shall classify the society into one or other of the following classes and sub-classes of societies prescribed below according to the principal object provided in its bye-laws:

Maintenance of register

(1) The register to be maintained by the Registrar under sub-section (4) of Section 9 shall be in Form 'D'

(2) The Registrar shall divide the register into parts, one for each district in the State. A society shall be registered in that part, for a district in which its head office is situate.

(3) The Registrar shall assign for each district and each class or sub-class of societies, a code symbol, for giving registration numbers to the societies and the societies shall be registered from the dates specified by him.

Audit of Co-operative society:

Qualifications of Auditors - Apart from a chartered accountant within the meaning of the Chartered Accountants Act, 1949, some of the State Co-operative Acts have permitted persons holding a government diploma in co-operative accounts or in co-operation and accountancy as also a person who has served as an auditor in the co-operative department of a government to act as an auditor.

Appointment of the Auditor - An auditor of a co-operative society is appointed by the Registrar of Co-operative Societies and the auditor so appointed conducts the audit on behalf of the Registrar and submits his report to him as also to the society. The audit fees are paid by the society on the basis of statutory scale of fees prescribed by the Registrar, according to the category of the society audited. For example, the audit fees of co-operative credit society and Urban Co-operative Banks are to be calculated with reference to working capital at the prescribed rates. ‘Working Capital’ here means funds at the disposal of the society inclusive of paid up share capital, funds built up out of profits and monies raised by borrowing and by other means.

Books, Accounts and other records of Co-operative Societies - Under section 43(h) of the Co-operative Societies Act, a state government can frame rules prescribing the books and accounts to be kept by a co-operative society.

For example In Maharashtra the co-operative societies are required to maintain cash book, general ledger, personal ledger, stock register, property register, etc. It is very much clear that requirement under State Acts resembles the provisions made under Section 209 of the Companies Act, 1956. The books of account required to be maintained in terms of the instructions of the Registrar are in respect of the following:

All sums of money received and expended by the society and the matters in respect of which receipts and expenditure take place.

All sales and purchases of goods by the society also an account of stock-in-hand.

Assets and liabilities of the society. It may be understood that such of the books as are relevant to the nature of the society would be required to be maintained, for example, a credit society cannot be expected to maintain books of account for sale and purchase of goods.

In order to maintain proper financial accounting records so as to disclose full financial results of working of the society, the statutory or mandatory provisions provide a directive, but they are not conclusive. The society is at liberty to maintain such additional records according to its.

Restrictions on shareholdings - According to Section 5 of the Co-operative Societies Act, 1912, in the case of a society where the liability of a member of the society is limited, no member of a society other than a registered society can hold such portion of the share capital of the society as would exceed a maximum of twenty percent of the total number of shares or of the value of shareholding to Rs. 1,000/-. The auditor of a co-operative society will be concerned with this provision so as to watch any breach relating to holding of shares. One should also watch whether any provision in the bye-laws of the society is not contrary to this statutory position. The State Acts may provide limits as to the shareholding, other than that provided in the Central Act.

Restrictions on loans - A registered society shall not make a loan to any person other than a member. With the special sanction of the Registrar, a registered society may make a loan to another registered society (Section 29).The State Government may further put such restrictions as it thinks fit on the loaning powers of the society to its members or to other societies in the interest of the society concerned and its members.

Restrictions on borrowings - A registered society may accept loans and deposits from its members and others subject to the restrictions and limits of the bye-laws of the society. The auditor will have to examine the bye-laws in this respect (Section 30).

Investment of funds - According to Section 32 of the Central Act the modes of investment of funds of a society may be stated as follows. A society may invest its funds in any one or more of the following:

In the Central or State Co-operative Bank.

In any of the securities specified in Section 20 of the Indian Trusts Act, 1882.

In the shares, securities, bonds or debentures of any other society with limited liability.

In any co-operative bank, other than a Central or State co-operative bank, as approved by the Registrar on specified terms and conditions.

In any other moneys permitted by the Central or State Government.

The principal provision relating to the investments of funds of a co-operative society, the Central as well as State Acts does not mention anything about the investment of reserve fund outside the business specifically.

Appropriation of profits - Section 33 of the Central Act states that 25% of the profits should be transferred to Reserve Fund, before distribution as dividends or bonus to members. However, having regard to the financial position of the society, the Registrar may reduce the percentage of transfer, but in any case not less than 10%. Generally in case of newly started salary earners’ credit societies this liberal view is taken.

Contributions to Charitable Purposes - According to Section 34, a registered society may, with the sanction of the Registrar, contribute an amount not exceeding 10% of the net profits remaining after the compulsory transfer to the reserve fund for any charitable purpose as defined in section 2 of the Charitable Endowments Act, 1890.

Investment of Reserve Fund outside the business or utilization as working capital-

Some of the State Acts provide that a society may use the Reserve Fund:

in the business of a society, as working capital (subject to the rules made in this behalf).

may invest as per provisions of the Act.

may be used for some public purposes likely to promote the object of the society. The auditor should ensure strict compliance with the State Act and Rules in this regard.

Contribution to Education Fund - Some of the State Acts provide that every society shall contribute annually towards the Education Fund of the State Federal Society, at the appropriate rate as per the class of the society. Contribution to Education Fund is a charge on profits and not an appropriation.

Apart from statutory provisions relating to Reserve Fund, the auditor may have regard to the provisions in bye-laws and Rules and Regulations of the society regarding the appropriation of profits. Transfers to other reserves, dividends to members etc. are the other appropriations. Appropriations of profits must be approved by the General Body of the society, which is the supreme authority in the co-operative management. Further, it may be noted that necessary accounting entries for the appropriation of profits must be passed after the date of approval by the General Body. Here there is a departure from corporate accounting practice, where entries are passed for proposed appropriations, subject to approval of Annual General Meeting.

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shreecom · 15 days

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New rules in co-operative credit society. How to register new co-operative credit society in Maharashtra state. Rules and regulations. Latest guidelines for audit of co-operative credit society.

3. In section 88 of the principal Act, in sub-section (1), in the first proviso, for the words “within a period of two years”, the words “within a period of one year” shall be substituted.

How to register new co-operative credit society in Maharashtra state:

Application for registration and registration fees

(a) a list of persons who have contributed to the share capital, together with the amount contributed by each of them, and the entrance fee paid by them;

(b) A certificate from the Bank or Banks stating the credit balance therein in favour of the proposed society;

(d) such other documents as may be specified in the model bye-laws, if any, framed by the Registrar;

(4) The application shall be sent to the Registrar by registered post or delivery by hand.

Rule No 5. Registration

Rule No 6. Form of report under Section 9(2)

The report to be made by the Registrar to the State Government under sub-section (2) of Section 9 shall be in Form 'C'

Rule No 7. Refusal of Registration

Rule No 8. Matters in respect of which Registrar may direct society to make bye-laws or society may make by-laws

(1) The Registrar may require a society to make bye-laws in respect of all or any of the following matters, that is to say—

. First bye-laws of a society

When a society has been registered the bye-laws of the society as approved and registered by the Registrar shall be the bye-laws of the society.

Rule No 10. Classification and sub-classification of societies

Maintenance of register

(1) The register to be maintained by the Registrar under sub-section (4) of Section 9 shall be in Form 'D'

(2) The Registrar shall divide the register into parts, one for each district in the State. A society shall be registered in that part, for a district in which its head office is situate.

Audit of Co-operative society:

All sums of money received and expended by the society and the matters in respect of which receipts and expenditure take place.

All sales and purchases of goods by the society also an account of stock-in-hand.

In the Central or State Co-operative Bank.

In any of the securities specified in Section 20 of the Indian Trusts Act, 1882.

In the shares, securities, bonds or debentures of any other society with limited liability.

In any co-operative bank, other than a Central or State co-operative bank, as approved by the Registrar on specified terms and conditions.

In any other moneys permitted by the Central or State Government.

Investment of Reserve Fund outside the business or utilization as working capital-

Some of the State Acts provide that a society may use the Reserve Fund:

in the business of a society, as working capital (subject to the rules made in this behalf).

may invest as per provisions of the Act.

may be used for some public purposes likely to promote the object of the society. The auditor should ensure strict compliance with the State Act and Rules in this regard.

For to maintain such type of co operative credit society and produce multiple reports you have to use co-operative credit society software, you will get it at Google by searching these words

Start a google search for employee Co-Operative Credit Society Software near me you will get the ShreeCom InfoTech Pvt. Ltd. Pune.

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shreecom · 1 month

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Employee’s Co-Operative Credit Societies about Working Structure

Employees' cooperative credit society is beneficial to salaried employees in any organization. Which can be created by most of the Government, public and private organizations. It is the voluntary association of permanent salary earners together for common economic needs and help without any profit motive. Mainly it is the type of non-agricultural credit co-operative society. The department of this societies which have to control the financial transactions by investigating the technicalities dictated by the cooperative department. It is registered to provide loans to employees at the local organizational level and a reasonable rate of interest. These societies have to work under highly competitive situations under the trends of globalization, liberalization, and privatization. These help to benefit of employees who get regular monthly salaries. Banks cannot sanction the loan without any mortgage.

Objective and research methodology: - The objective of this society is to understand the analytical outline of the controlling structure which have to regulate the employee cooperative credit society in Maharashtra.

Working structure: - The employee's co-operative credit society is to be organized into short-term and long-term structures. The short-term structure is to be based on a three-tier structure, expected by the state in the northeast region. The second tier is District Central Co-Operative Banks are to be organized at the district level. And the third and uppermost tier is the State Co-Operative Banks state level. The state co-operative credit society banks, in turn, advance loans to the co-operative credit bank to augment their capacity and to provide loans to the employees at the local organizational level of employee’s co-operative credit society.

Regulatory framework and employee co-operative credit society in Maharashtra: - regulatory framework is necessary for any financial institution the main aim of the regulation is to safeguard the interest of a large number of shareholders and depositors and to ensure the proper functioning of the financial institution which is part and parcel of the financial system. The Employee's Co-operative Credit Society plays an important role by providing financial help to the laborers, workers, and employees.

Registration U/S-4 to 8:- Such a Society must be registered under the MSC Act. This society is to be considered at least 10 persons who are qualified members under this Act.

Norms of membership: - The person is to be a permanent employee of the respective employer and should fulfill eligibility norms.

Restrictions on Shareholding Sec, 28: - The members can hold shares not exceeding 20% of the paid share capital.

Restrictions on Borrowings U/S- 43, Rules 35 to 38: - The Society shall receive the deposit from the members and disburse the loans to members.

Deduction from Salary to meet society claim in certain cases U/s-49:- If the employer at any time fails to deduct the amount specified in the requisition from the salary or wages payable to the concerned or makes default in remitting the amount deducted to the society, the employer shall be personally liable for the amount, and if the employer has made the deductions but the amount so deducted is not remitted to the society then such amount together with interest thereon at 1.5% rate of interest charged by the society to the member for the period commencing on the date on which the amount has to be paid to the society.

Reserved Fund U/s-66, Rules 54: - Every society can derive a profit from its transaction; however, it has to maintain the reserve fund.

Restrictions on declaration of dividend U/s-67:- The society shall pay a dividend at a rate exceeding 15% except to the prior sanction of the registrar of society.

The loan limit and Installments: - The loan and Installments are fixed as per the bye-laws of the employee credit society.

Investment of funds section-70: - A society shall invest or deposit its funds in one or more, In a Central District Bank or State Cooperative Bank.

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shreecom · 1 month

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CRR: Cash Reserve Ratio

Particularly, the CRR is the minimum amount of the total deposits of customers that need to be maintained by the commercial as a reserve bank either in cash or as deposits with RBI. The rate of CRR will be fixed as per the guidelines of the central bank. The amount of CRR is to be held or reserved in cash or cash equivalents with RBI. The main aim of CRR is to ensure that banks do not run out of cash to meet their depositors' payment demands. The cash reserve ratio is computed as a percentage of the net demand and time liabilities of each bank. In the case of depositors when the bank sincerely maintains the required CRR rate, then the depositors don't have to worry about their deposits as the portion of their money is safe in the form of reserve maintained with RBI. Both banks have to be likely to lend the maximum amount of funds to borrowers and return the very little money themselves for another purpose therefore the banks to be like it when the CRR rate is low. The rate of this CRR is to be fixed by RBI to avoid such situations where the banks cannot meet repayments due to a shortage of funds.

How Does Cash Reserve Ratio Work:

When the RBI decides to increase the CRR, the available amount of money with the banks reduces. This is the way of RBI's way that to be controlling the excess flow of money in the economy. The cash balance is to be maintained by scheduled banks with the RBI should not be less than 4% of the total NDLT. The NDLT refers to the total demand and time liabilities that are held by the banks which includes the deposits of the general public and the balances held by the bank with other banks.

Advantages of CRR:

CRR can help commercial banks to build and sustain their solvency position. RBI is to be gets to control and coordinate the credit that to be maintained by banks through the CRR rate which helps to a smooth supply of cash and credit in the economy. When the CRR rate is reduced by RBI, the commercial banks which turn increase the flow of cash to the public. It helps to improve declining rates by absorbing the liquidity when the market interest rates go down instantly.

Need for banks to maintain CRR:

The cash flow of the economy is to be constantly worked and monitored by RBI. The overall liquidity is to be managed thoroughly when all the commercial banks maintain the necessary CRR rate then which benefits each bank. The CRR helps banks hold the right amount of funds with them and never fall short of it when needed by their depositors for personal needs.

The CRR is to be used as a monetary policy tool by the central bank to influence the country's interest and borrowing rates by altering the available funds for banks to make loans with. When the government needs to pump funds into the system, then lowers the CRR rate which in turn helps the banks that provide loans to a large number of businesses and industries for investment purposes.

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They offer Retail banking software, Banking software, core banking software, mobile banking software, SMS banking software, Co-Operative credit society software, Employees Co-Operative credit society software, salary earners society software, path Sanstha software, path pedhi software, multi-state co-operative credit society software.

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shreecom · 2 months

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New Rules in the Banking Sector

Banking services must include accepting deposits, lending money, facilitating transactions, and offering various transaction products such as saving accounts, loans, and credit cards. Mainly bank is a type of financial institution that is permitted to accept customers' deposits and provide a loan. There are such types of banking sectors as Retail banks, Commercial banks, corporate banks, cooperative banks, Regional rural banks, central banks, and investment banks.

Why Banking sector is good?

Checking and saving accounts, loans, mortgage services, wealth management, providing credit and debit cards, and overdraft services, are the most important banking services in the banking sector.

How does the banking sector work?

The customers deposit their money in banks, and then banks lend the money in different loans like car loans, credit loans, business loans, home loans, etc. the loan recipients spend the money they borrow, then the banks earn the interest loans, and the process keeps money moving through the systems.

The rules of banking sectors:

Demat account holders' nomination declarations:

Demat account holders will have to provide nomination declarations or opt out of nominations by January 1, 2024. Account holders failing to do so will not be able to transact in stocks. Earlier, the deadline to furnish nomination details was September 30.

Aadhaar Card:

Aadhaar card holders wanting to change their details will be able to do so till December 31, 2024. However post this date, an amount of Rs 50 will be imposed on those wanting to change their personal details in the Aadhaar card.

KYC for SIM card:

All KYC-related work will be done in digital mode only. People applying for new SIM cards will not have to fill out paper forms for the Know-Your-Customer process.

Bank locker agreement:

People holding lockers in banks will have to sign the revised agreement by December 31, 2023. If customers will fail to do so, their lockers will be frozen.

New rule to save users from online fraud:

As smartphone usage has unscaled in India, online fraud and scams have unscaled and have seen a parallel increase. The government has been taking a decisive stance to curb these issues.

Legal consequences for fake SIMs:

As per the new Telecommunication Bill, individuals who will be found purchasing fake SIM cards will be facing severe consequences and the offenders will further be subjected to a jail term of up to 3 years and a fine worth Rs. 50 lakh.

Mandatory biometric details for verification:

Telecom companies will now collect biometric data which will be mandated for every customer who is purchasing a SIM card. The inclusion of biometric details is a measure to safeguard fraudulent SIM card transactions and ensures strict action against the offenders.

Income Tax Return:

People will not be able to file Income Tax Returns (ITR) for financial year 2022-23 from January 1, 2024. Those who have not filed ITR for 2022-23 can file them with penalty fee till December 31.

Inactive UPI IDs:

The National Payments Corporation of India (NPCI) in a circular dated 7 November, has asked payment apps and banks to deactivate the UPI IDs and numbers that have not been active for more than one year. Every bank and third-party app has to follow these till 31st December.

UPI transaction limit hiked for hospitals, schools.

Deactivation of inactive UPI IDs.

UPI Lite wallets transaction limit increased.

No authentication for UPI auto payments.

Interchange fee on UPI merchant payments.

Google Pay:

The Gpay limit per day for money transfers for users in India is ₹1, 00,000. Moreover, the maximum times you can send money in a day cannot exceed 10 in Gpay or any other UPI app.ShreeCom Infotech Pvt. Ltd. Pune offering different types of banking sectors software’s like Co-Operative credit society software, core banking software, Retail banking software, SMS banking software, Pat pedhi software, Employees co-op credit society software, salary earners society software or you can google search for banking software near me

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shreecom · 2 months

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mobile application development technology

iOS app development is much faster than Android app development. In particular, android is less safe than iOS because the devices rely on open-source code.

iOS is used only on Apple devices. Apple users prefer the latest operating system version to make the testing process simpler than testing Android applications. Where the developers need to test the application on different devices and OS versions.

iOS app development is easier than an Android app because developers have to build apps for only Apple devices that same build.

The cost of Android app and iOS app development, android app takes more time than iOS apps due to the complexity of development.

Android devices are used in many manufacturer app development, for this platform is more complex due to compatibility issues making Android app development costlier than iOS.

Android and iOS app development depends on multiple factors like business requirements, target market, locations where you will operate, and many other factors.

Mainly the iOS applications launched in countries like Japan and, the USA, with a target of high-income groups. And the Android devices targeting global markets.

The difference between iOS and Android development lies in the release process, when you can release an iOS app, be ready that won't be compatible with Apple rules and regulations. Everything is easy with Android apps.

Is iOS development easier than Android?

No, because it is more time-consuming, and will cost more to hire dedicated than Android developers. Because the testing is more complicated and the cost may also rise.

If you google search for Android and iOS application development company near me then you will get name as ShreeCom InfoTech India Pvt. Ltd.

They provide full application development, best service provider after development. Also they have products like POS software, Co-Operative credit society software, Crusher industry billing software, Utility Billing software, Account payable software.

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shreecom · 3 months

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Artificial intelligence technology

Artificial intelligence means the simulation of human intelligence processes by machines, or computers, that enable computer systems. AI uses multiple technologies that equip machines to sense, plan, act, and learn with human-like levels of intelligence, which are also used throughout industry and science. This technology is widely used to provide personalized recommendations to people. AI is the smart assistant that can be accessed by most smartphones on the market these days and is also being integrated into smart cars and smart home devices. This technology is evolving independently and being applied in combination with other technologies like data, analytics, and automation, which can revolutionize businesses and help them achieve their goals. AI is a simple component of technology such as machine learning.

How does AI work?

In particular, AI systems accept data inputs in the form of text, images, speech, etc., and then the data may be processed by applying various rules and algorithms, predicting and acting on the input data. Upon this processing, the systems provide an outcome, success or failure, for the data input. Then the result is that the system uses its assessments to adjust input data, rules, algorithms, and target outcomes.

Goals of AI: These algorithms are insufficient for solving large reasoning problems step-by-step. Knowledge representation planning and decision-making allow continuous learning, promote creativity, achieve general intelligence, and promote synergy between humans and AI.

Key components of AI: Machine learning: This AI application automatically learns and improves their problems. Deep learning: is a subset of machine learning that learns to process data with the help of a neural network.

Applications of AI:

AI in healthcare: companies are applying machine learning to make better and faster medical diagnoses than humans. AI in business: Chabot’s have been incorporated into websites to provide immediate service to customers. AI in education: additional support for students, helping them work in their own space.

AI researches a variety of techniques, such as search and optimization. It means it can solve many problems by intelligently searching through many possible solutions. AI and many of these machine learning technologies are used in most of the essential applications, including search engines such as Google Search and recommendation systems like YouTube, Amazon, and Netflix. Internet traffic such as advertising, AdSense, and Facebook.

For such a type of technology, Start a Google search for software AI technology developer near me, and you will get ShreeCom Infotech Pvt. Ltd. Pune.

They offer Banking software, Retail banking software, Pat Pedhi software, core banking software, mobile banking software, SMS banking software, co-operative credit society software, multi-state co-operative credit society software, Employees co-op credit society software, salary earners society software, path Sanstha software.

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shreecom · 3 months

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Artificial Intelligence Technology

How does AI work?

Applications of AI:

For such a type of technology, Start a Google search for software AI technology developer near me, and you will get ShreeCom Infotech Pvt. Ltd. Pune.

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shreecom · 3 months

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NEFT, RTGS and IMPS Fund Transfer

RTGS: - Real Time Gross Settlement. It is an electronic form of funds transfer. RTGS systems reduce the risk of financial institutions regarding high-valued transfers. This system is mainly used by banks and many financial institutions for high-value and time-sensitive transactions. Funds are transferred from one bank to another bank in real-time, transaction is processed immediately, within seconds and minutes. It signifies that each transaction is to be settled individually, without netting and offsetting against other transactions. Funds are transferred securely.

How it works?

When the senders can instruct their banks to transfer a specific amount of money to a recipient's account at another bank. This instruction can be given through various channels, including online banking, and mobile banking.

The sender's bank verifies the availability of sufficient funds in the sender's account to cover the requested transfer amount. Both the senders and recipient banks maintain the transaction records for their customers.

IMPS: - it stands for immediate payment service. It allows the send and receive money instantly using mobile phone and internet banking. IMPS facilitates real-time transactions that users to transfer funds conveniently and securely. Using IMPS you can send money to friends and family and conduct any financial transactions efficiently.

Its daily transaction limit is Rs. 5lakh. In addition, transaction charges are rs. 5 to rs. 15, depending on the specific conditions set by the respective banks. Transfer funds instantly between banks irrespective of time and location.

For such type of banking-related software, you will get it at Google.

Start Google search for a banking software provider near me. You will get the ShreeCom InfoTech Pvt. Ltd. Pune. They offer Retail banking software, Banking software, core banking software, mobile banking software, and SMS banking software. Co-operative credit society software, Employees co-op credit society software, salary earners society software, path Sanstha software, pat pedhi software, Multi state co-operative credit society software.

#Co-op credit society software #pat sanstha software #pat pedhi software

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shreecom · 4 months

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Banking software is used by the banking industry to provide and manage financial products. Banks need software because of risk management and easy to get required reports. Banks handle various amounts of sensitive information and face significant risks like cyber-attacks. Software engineering mitigates these risks by implementing robust security measures. It offers customized solutions to fulfill the unique requirements of prospective clients. This software offers many solutions like personal, commercial lending, and trade finance, which computes loan amounts, interest rates, terms, and payment amounts. Banking software serves the many normal banking software, which includes managing withdrawals, deposits, loans, and other routine operations including storage and retrieval of processing data on a daily basis.

The payment sector of banking software offers innovative and cost-effective electronic payment systems to banks, loan companies and finance houses, insurance companies, gas retailers, pension funds, prepared card issuers, Co-op credit society, pat sanstha, pat pedhi, Retail banking, Employees co-op credit society, salary earners society, Multi state co-op credit society and micro-credit and micro-finance institutions.

Credit card banking software offers a variety of modules that include credit management, deduction management, and collection management systems.

Loan default management banking software helps banks, finance companies, and business development authorities.

Categories:

Core banking:

The core banking system is the major investment for retail banks and maintaining the system can represent a large part of the cost of running a bank.

Investment Banking:

This bank uses software to manage their trading desks and their client's accountants. This system can connect to financial markets such as third-party providers such as financial data vendors.

Internet Banking:

This connection is used to access cloud-based banking applications. This system integrates the various levels of interaction between the banks and their customers. It helps banks to provide their customers with 24 by 7 access to their banking accounts and services online.

Payments:

This software makes it easy to handle financial transactions securely and effectively.

ATM Banking:

ATM banking system is connected to a network which helps with ATM navigations to the users, which are available near their location.

Also, SHREECOM Infotech India Pvt. Ltd, Pune offering Retail banking software, Banking software, core banking software, mobile banking software, SMS banking software. Co-op credit society software, pat sanstha software, pat pedhi software, Retail banking software, Employees co-op credit society software, salary earners society software, Multi state co-op credit society software, Banking software, Core banking software or you can google search for banking software near me.

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shreecom · 4 months

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Co-operative credit societies are credit institutions characterized by member ownership and control. It registered with the primary goal of societal progress, they emphasize providing accessible credit at fair interest rates. The purpose of the co-operative credit society is to deposit procurements from its members. Designed to provide financial assistance to their members. It helps to minimize additional expenses associated with intermediaries in business. Benefits from loans with favourable interest rates. Registration in these societies brings numerous advantages and financial security. Credit co-operative societies are open to anyone to join without any membership. These societies are aided by the state and the national government and are found in both rural and urban areas.

The rules of co-operative societies are:

Regulation of loans to be granted by societies:

In case of the grant of loans against security of moveable or immovable property, the lending society shall maintain such margin as the Registrar may, with the approval of the Apex Bank, by general or special order, direct from time to time with reference to different commodities, securities, or classes of societies. (1) In the case of cash credit, the amount of the loan shall not exceed such a multiple of the owned funds of the borrowing society as may be laid down by the registrar with the approval of the concerned financing agency from time to time. (2) It shall be lawful for a society to grant loans without taking security of moveable or immovable property if the purpose for which the loan is given is considered production-worthy or creditworthy and it is reasonably expected that the loans will be repaid by the loanee. The Registrar may, with the approval of the Apex Bank, issue directions to societies to ensure that creditworthy purposes indicated above receive finance from the societies without any difficulties on the one hand and without being detrimental to the financial interests of the societies on the other. (3) The Registrar may recognize a central bank as the central financing agency, which shall be primarily responsible for financing credit requirements for all creditworthy purposes through the concerned societies in its jurisdiction. On such recognition, such bank shall be responsible for making all possible efforts to mobilize local resources to make loans available to the societies in its area. Such loans may be granted for creditworthy purposes, giving due importance to the requirements of various states of the producers and cooperative societies with reference to the linking up of credit with cooperative processing or cooperative marketing. (4) Except with the general or special permission of the Registrar, the loan advanced to a member by a society or to a society by a bank shall be subject to such conditions as may be laid down by the Registrar with the approval of the Apex Bank, including the maximum amount to be advanced and the period of repayment, both in regard to total advances to members and societies as well as against different types of securities. (5) No society shall carry on transactions on credit or sanction trade credit to its members or to non-members except in accordance with the general directions that may be issued by the Registrar on that behalf. (6) In the matter of grant of loans to societies by Central Banks or to members by Primary Societies, the Registrar may lay down with the approval of the Central Banks, the procedure regarding receiving applications, assessing credit needs, making inquiries in respect of the production programme for which such loan is required and the procedure for finally sanctioning the loan as also the rates of finance to be followed from year to year and the nature of inquiries to be made for the purpose of financing of different crops and imposition of certain conditions regarding proper utilisation of loan and sale of agricultural produce through specified co-operative organisation, before such finance is granted. (7) The Registrar may, with the approval of the Apex Bank, by general or special order, prohibit or regulate the grant of loans by a central bank or a society where such grant is considered neither in the interest of the society nor in the interest of the development of co-operative movement on sound lines.

Conditions to be complied with by members applying for loans:

(1) Every member of a society applying for a loan from the society shall be required to hold shares in such manner and in such proportion to the amount of loan applied for by him as may be specified in the by-laws of the society. (2) Subject to the maximum limit specified in the by-laws, a loan to be granted to a member of a resource society and the period of its repayment shall be in accordance with the standard laid down by the Registrar in consultation with the Central Bank and the Federal Society. A loan in excess of the maximum amount may be granted to a member with the previous sanction of the Central Bank and the Federal Society to which the society is affiliated, provided that where the amount of the loan exceeds twice the maximum limit contained in the by-laws, prior sanction of the Registrar shall also be obtained.

. Credit limits by non-credit societies:

(1) No society whose objects do not include the grant of loans or financial accommodation to its members shall grant loans or sanction credit to any member without the sanction of the Registrar. Provided that any society that has, as one of its objects, the supply of goods or services required by members for production purposes may supply goods or provide services on credit against sufficient security on the condition that the cost of the goods supplied or services provided shall be recoverable from the amount of the sale proceeds of the agricultural produce or other goods produced by the member. (2) A consumer society may sell goods on credit to its members and other customers up to the extent of deposits received from them.

Restrictions on borrowing from more than one credit society:

(1) Every person who is a member of more than one resource society (other than a Land Development Bank, a Central Bank, or a marketing society) dispensing credit shall, if he has not already made one, make a declaration in Form that he will borrow only from one such society to be mentioned in the declaration and shall send a copy of such declaration duly attested to all societies of which he is or has become a member. (2) Any person who continues to be a member of more than one such society without complying with the provision of this rule shall be liable to be removed from the membership of any or all such societies upon receiving a written requisition from the Registrar to that effect, provided that the society from which a person has borrowed may permit him to borrow from any other society of which he is a member to such extent and subject to such conditions as may be laid down by it. (3) The Registrar may, for reasons to be recorded in writing, exempt any person or persons from the operation of this rule or prohibit any person or persons from borrowing from more than one society, notwithstanding that permission of the society under proviso to sub-rule (2) has been obtained by him.

Limits on loans against fixed deposits:

(1) When a society makes a loan to a depositor on the security of his fixed deposit with the society, the amount of the loan shall not exceed 90 percent of the deposit amount, and the period for which the loan is granted shall not extend beyond the date of maturity of the fixed deposit.

Also, ShreeCom Infotech competency lies in offering Co-Op Credit Society Software, Pat Sanstha Software, Pat pedhi software, Retail banking software, Employees Co-Op Credit Society Software, Salary Earners Society Software, Multi State Co-Op Credit Society Software, Banking Software, Core Banking Software.

SHREECOM info tech is developed such type of software which is useful for co-operative Credit Society, employee’s co-operative, pat Sanstha, and banks to make all government compliance.

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shreecom · 4 months

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Banking Software

Credit card banking software offers a variety of modules that include credit management, deduction management, and collection management systems.

Loan default management banking software helps banks, finance companies, and business development authorities.

Categories:

Core banking:

The core banking system is the major investment for retail banks and maintaining the system can represent a large part of the cost of running a bank.

Investment Banking:

This bank uses software to manage their trading desks and their client's accountants. This system can connect to financial markets such as third-party providers such as financial data vendors.

Internet Banking:

Payments:

This software makes it easy to handle financial transactions securely and effectively.

ATM Banking:

ATM banking system is connected to a network which helps with ATM navigations to the users, which are available near their location.

#Co-op credit society software #pat sanstha software #pat pedhi software #Retail banking software #Employees co-op credit society software

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shreecom · 4 months

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Shreecom InfoTech-Banking & custom built software Service Provider

Shreecom Infotech is the best software Company. It’s a service provider in the USA, UK, France, UAE, Belgium and other European countries. It’s running successful services since 1992. It Provides software solutions for banking and finance. We also offer marketing management software. These applications are developed in modern platforms with all kinds of computer systems. The software developed by us is user-friendly, comprehensive and flexible. Also these varied in many sectors such as manufacturing, service industries, and mining industry, and all these services are widely applicable. These are competency lies in offering Co-Op Credit Society Software, Pat Sanstha Software, Credit Society Software, Banking Software, Core-Banking Software, and Retail Banking Software. We have a team of software engineers that develop tailored software for our clients. Utility service industry and transportation companies. We ensure that our customers benefit from our best services. We have garnered a huge clientele which includes Hyundai, MNGL, and large mini-banking sectors also we have 27+ experience in the software development area.

We have discussed and planned new projects and have many years of knowledge and experience.

Also, we provide software development and mobile application development services in the UK, USA, Belgium, and France. Expertise in high-quality robust services and these are:

1. Custom Software Development:-

Our Software engineers have converted your business logic into scalable solutions using different technology platforms.

2. Cloud Based Solutions:

We have strong experience in paaS, saaS and laaS of cloud computing services.

3. Mobile Application Development:-

We have a high level of expertise in mobile app development skills.

4. Web Application Development:-

Our development team uses many modern frameworks like JavaScript, angular, and Microsoft tools.

5. Software testing:-

Our team has strong experience in QA automation with expertise in web, mobile and API testing.

6. Data Mining:-

Our database team has many years of experience in designing complex custom database systems for businesses. It is used to find business insight that assists organizations with tackling issues.

We completely customize in high-quality products such as:

1. POS Software:-

It is a complete solution for retail businesses that is easy to use with many modern features.

2. Account payable software:-

Electronic invoice approval system for a paperless office. Large and small companies simply pay bills which is cash flow. It helps to improve the company’s productivity.

3. Utility Billing software:-

It is a self-service web portal solution that integrates billing, online payment etc.

4. Co-operative credit society software:-

This software is commonly used in local languages and used for transactions in the banks.

5. Crusher Billing software:-

This software was specially created for managing stone, and crushed sand at the crusher plant.

It Also Provides POS software, Net banking software, Inventory management software solutions, and Service call management software solutions, Online web development services. We have our in-house talented team with great skills in software product engineering.

#CO-OP CREDIT SOCIETY SOFTWARE #PAT SANSTHA SOFTWARE #EMPLOYEES CO OP CREDIT SOCIETY SOFTWARE #SALARY EARNERS SOCIETY SOFTWARE #GRAMIN BIGAR SHETI SOCIETY Software #MULTI STATE CO OP CREDIT SOCIETY SOFTWARE #PAT PEDHI SOFTWARE #NIDHI SOFTWARE

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shreecom · 4 months

Text

Shreecom InfoTech-Banking & custom built software Service Provider

We have discussed and planned new projects and have many years of knowledge and experience.

Also, we provide software development and mobile application development services in the UK, USA, Belgium, and France. Expertise in high-quality robust services and these are:

1. Custom Software Development:-

Our Software engineers have converted your business logic into scalable solutions using different technology platforms.

2. Cloud Based Solutions:

We have strong experience in paaS, saaS and laaS of cloud computing services.

3. Mobile Application Development:-

We have a high level of expertise in mobile app development skills.

4. Web Application Development:-

Our development team uses many modern frameworks like JavaScript, angular, and Microsoft tools.

5. Software testing:-

Our team has strong experience in QA automation with expertise in web, mobile and API testing.

6. Data Mining:-

Our database team has many years of experience in designing complex custom database systems for businesses. It is used to find business insight that assists organizations with tackling issues.

We completely customize in high-quality products such as:

1. POS Software:-

It is a complete solution for retail businesses that is easy to use with many modern features.

2. Account payable software:-

Electronic invoice approval system for a paperless office. Large and small companies simply pay bills which is cash flow. It helps to improve the company’s productivity.

3. Utility Billing software:-

It is a self-service web portal solution that integrates billing, online payment etc.

4. Co-operative credit society software:-

This software is commonly used in local languages and used for transactions in the banks.

5. Crusher Billing software:-

This software was specially created for managing stone, and crushed sand at the crusher plant.

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