Small non-profit financial organization set up by street vendors and farmers in and around the country. RORUM is basically a Financial Institution for those un-bankable population either because of high collateral in Banks or because of the nervousness and reservedness of the people to approach banks. RORUM membership is open for all, regardless of their caste & creed, or their financial status.
How do RORUM credit cooperative work?
RORUM Credit Cooperative aim to help its members take control of their money by encouraging them to save what they can, and borrow only what they can afford to repay. In essence, RORUM is a savings and loan cooperative, where the members pool their savings to lend to one another and help to run the credit Cooperative. This is done in a not-for-profit‟ way, so the cash is only used to run the services and reward the members, and NOT to pay outside shareholders, like most other financial institutions.
Organizational structure of RORUM
“RORUM” stands for:-
R-Respect, O-Ownership, R-Reliable, U-United, M-members
RORUM’s vision is …
A sustainable and viable financial cooperative responsive to the needs of members
RORUM’s mission is …
Empower the members through provision of savings& credit services and other related services at a competitive rate in improving their financial and social well-being and to provide financial literacy to the members.
WHAT SERVICES DO RCC PROVIDE?
- THE SAVINGS ASPECT
- THE CREDIT ASPECT
- THE SURPLUS
- INTEREST ON SHARE CAPITAL
WHO ARE THE MEMBERS OF RCC?
- Focusing on the micro-enterprise women at the moment with 67 members in this cooperative all belonging to street hawker group and farmers.
- No collateral
- The age limit to become the regular member of RORUM Credit Cooperative is 18 years and above.
SAVINGS, LOANS & OTHER SERVICES
- Regular weekly savings
- Group savings
- Educational savings
- Health savings
- old age savings/pilgrimage savings
THE SOURCE OF RORUM’S SURPLUS