The ICRISAT Employees’ Cooperative Welfare Society Limited (IECWSL) is built upon the following principles of co-operation:
A) Mutual co-operation: We encourage members to be self-reliant and also to help the other members, creating the spirit of love, friendship and brotherhood among the members of society.
B) Financial assistance: We provide financial assistance to our members through various loans and savings schemes.
C) Equal rights: We advocate equal rights among the members.
D) Improving the standard of living: We extend assistance towards the procurement of household articles and utility items.
E) Tax concession: We help members on their income tax on the interest paid on loans.
F) Increasing the bargaining power: We provide our members an opportunity to procure items for their daily needs at prices lower than in the market.
G) Creating opportunity for Savings: We encourage our members to save according to their capabilities.
H) Earning: Our members receive dividends and interest on their contributions.
The ICRISAT Employees' Cooperative Welfare Society was registered in 1978 (reg. no. TG/889, 11/07/1978) with 20 members acting as promoters with an initial capital of Rs.940/-. The Regular Work Force (RWF, now also known as Support Staff or SS) joined in 1982. The Society has since then grown from strength to strength, with the participation of all the staff.
The Society started its activities with an initial donation of Rs. 12,000/- and an interest free loan of Rs.2,00,000/- from ICRISAT Management. It was launched with the opening of the co-operative store on a small scale basis and then started accepting thrift deposits and sanctioning short term loans of Rs.500/-.
Welfare schemes like the Death Relief Scheme (DRS), Agency of National Saving Certificate (NSC), Mutual Benefit Scheme (MBS), and Group Saving Linked Insurance (GSLI) were introduced later.
Beginning with paid-up share capital of Rs.22,000/- in the year 1979, the Society has already crossed Rs.21 lacs with authorized capital of Rs. 60,00,000/- in the year 2012.