A Minimum of 7 shareholders or members out of which three should be the designated directors A minimum equity share capital of Rs 5 lakhs with entire amount paid upfront No preference shares shall be issued DIN (Director Identification Number) for Directors is required The goal of the company should be cultivating the habit of thrift and savings amongst its members A minimum of 10 equity shares or shares corresponding to Rs 100 should be issued to each deposit holder. The nominal value of each equity share issued must not be less than Rs 10 per share Post Registration Compliances A minimum of 200 members within one year of commencement is mandatory Net Owned Funds (NOF) must be increased to Rs 10 lakhs within a year of registration. The prescribed NOF to deposits ratio should be 1:20 At least 10% of its outstanding deposits should comprise of un-encumbered term deposits. The list of members has to be submitted within 90 days of Incorporation. Should Annual return with Registrar of Companies (ROC)
