Sahayog Multistate Credit Co-operative Society

What Sahayog Multistate Credit Co-operative Society does

Sahayog Multistate Credit Co-operative Society Ltd. is a multi-state cooperative society registered under the Multi-State Cooperative Societies Act, 2002 (MSCS/CR/1140/2014), headquartered in Gondia, Maharashtra, and operating 230-240 branches across 7 states and 4 union territories. It provides personal banking, deposit, and loan products targeted at rural women, farmers, small merchants, and micro-entrepreneurs, with a particular focus on women's financial inclusion through the Sahayog Mahila Bachat Gat (SMBG) savings group network of 150,000+ women, the Joint Liability Loan (JLL) microfinance programme, and the SWEES women entrepreneur loan scheme. The product set spans Fixed Deposits (up to 10.15% p.a.), Recurring Deposits, Monthly Income Scheme, Daily Deposit Scheme (from ₹50/day), DAM Duppat doubling scheme, Silver Savings and Current Accounts, Gold Loans (12.50%-20% p.a.), Loan Against Deposits, Two-Wheeler Finance, and Quick Money Transfer via NEFT/RTGS/IMPS. Insurance is distributed through partnerships with ICICI Lombard, Kotak General Insurance, and ICICI Prudential.

The technology backbone is Infosys Finacle CBS, making Sahayog the first Indian cooperative to adopt this core banking platform, complemented by a mobile banking app on Google Play and the App Store and banking partner integrations with ICICI Bank and YES Bank for fund transfers. Distribution combines a 230-240 branch network with thousands of Swayam Sevika field agents conducting doorstep deposit collection and customer service in rural areas, plus a community-led go-to-market anchored on SMBG groups. Revenue is generated primarily through interest spreads on deposits and loans, supplemented by processing fees, pre-closure charges, and money-transfer service fees. The cooperative is member-owned (Chairman Jayeshchandra Raman Ramade, CEO Vilas Wasnik), reports 501-1,000 employees, and reinvests surplus into member rates, community assets (a NABH-accredited superspeciality hospital and 5 CBSE schools), and further branch expansion.

Name

Sahayog Multistate Credit Co-operative Society

Legal name

Sahayog Multistate Credit Co-op Society Ltd.

Website

https://sahayogmultistate.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Sahayog Multistate Credit Co-operative Society is a multi-state cooperative offering deposits, microfinance, and banking services to rural women, farmers, small businesses, and micro-entrepreneurs across India through 230-240 branches, a women's savings group network (SMBG), doorstep collection, and the Infosys Finacle-powered mobile banking platform.

Ownership category

akta.pro rank

Product category

Cooperative Banking

NAICS

Credit Unions (522130), Credit Unions (52213), Savings Institutions and Other Depository Credit Intermediation (52218), Credit Intermediation and Related Activities (522)

SIC

Personal Credit Institutions (6141), Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Public Sector & Municipal Credit Unions (FSABAEAK)

Keywords

• Cooperative banking services
• Microfinance lending
• Rural financial inclusion
• Deposit and loan products
• Women's savings groups

Headquarters

HQ city

Gondia

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income from Loans: Primary revenue stream from lending activities including Gold Loans (12.5%-20% p.a.), Joint Liability Loans (JLL), SWEES loans for women entrepreneurs, Two-Wheeler Finance, and Loans Against Fixed Deposits
2. Deposit Interest Spreads: Earning spread between lending rates and interest paid on deposits (Savings 6%, FD up to 10.15%, RD up to 8%, MIS 7.99%, DDS 6%)
3. Fee-Based Services: Processing fees from loan products, pre-closure charges on loans, and money transfer service fees through banking partners

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Sahayog Multistate Credit Co-operative Society is a multi-state cooperative banking institution offering deposit products (Fixed Deposits, Recurring Deposits, Monthly Income Scheme, Daily Deposit Scheme, DAM Duppat), savings and current accounts, and credit products (Joint Liability Loans, SWEES women entrepreneur loans, Gold Loans, Two-Wheeler Finance, Loan Against Fixed Deposits). The society operates 230+ branches across 7 states and 4 union territories, supported by a mobile banking app, doorstep collection via field agents, and the Infosys Finacle Core Banking System. It also distributes insurance products through partnerships with ICICI Lombard, Kotak General Insurance, and ICICI Prudential.

Product overview

Sahayog Multistate Credit Co-operative Society operates as a multi-service financial institution offering a unified platform of deposit and credit products alongside digital banking services. The core portfolio includes Fixed Deposits (up to 10.15% p.a.), Recurring Deposits (up to 8% p.a.), Monthly Income Scheme, Daily Deposit Scheme, and DAM Duppat Scheme, complemented by Savings and Current Account products (Gold and Wealth TASC variants). Credit offerings span Joint Liability Loans (JLL), SWEES women entrepreneur loans, Gold Loans (12.50%-20% p.a.), and Loans Against Fixed Deposits. The SMBG (Sahayog Mahila Bachat Gat) women's savings network underpins group-based microfinance operations. Digital services include Quick Money Transfer via ICICI Bank and YES Bank, delivered through a mobile app platform. Insurance products (health and term) are offered through partnerships with ICICI Lombard, Kotak, and ICICI Prudential. The organization also provides Two-Wheeler Finance and locker facilities across its 230+ branch network spanning 7 states and 4 union territories.

Differentiator

Problem solved

Functional benefit

Products and services

• Fixed Deposit (FD) Fixed deposit scheme offering up to 10.15% p.a. interest with tenures from 12 months to 6 years. Provides capital safety with flexible maturity options and a loan-against-FD facility for individual savers seeking secure returns.
• Recurring Deposit (RD) Monthly savings scheme with a 1-year fixed tenure, earning up to 8% p.a. interest compounded and credited at maturity. Designed for short-term financial goals and planned expenses by individual savers.
• Monthly Income Scheme (MIS) One-time deposit scheme providing regular monthly interest payouts with minimum 12-month tenure. Designed for retirees, homemakers, and individuals seeking passive monthly income.
• Daily Deposit Scheme (DDS) Daily doorstep collection savings scheme starting at ₹50/day, offering 6% p.a. interest with 1-year tenure. Ideal for shopkeepers, small merchants, and daily earners who prefer small, disciplined savings.
• DAM Duppat Scheme One-time investment scheme that doubles savings in 6 years (effective 16.67% rate) with transparent terms and fixed tenure. Suitable for families and individuals seeking guaranteed long-term returns.
• SMBG Recurring Deposit SMBG-linked recurring deposit with ₹120/month minimum, 66-month tenure, and 8% p.a. interest. Includes accidental insurance cover up to ₹25,000 and overdraft facility up to 75% of accumulated savings.
• Silver Savings Account Savings account with ₹1,000 minimum balance earning up to 6% p.a. interest credited monthly. Features 24x7 mobile banking and zero hidden charges for individual members.
• Gold Current Account Business current account with ₹4,000 opening balance and ₹2,000 minimum balance. Offers up to 2% p.a. interest with monthly payouts, unlimited transactions, and UPI/QR facilities for small businesses.
• Wealth TASC Current Account Premium business current account with ₹8,000 opening balance and ₹4,000 minimum balance. Offers up to 3% p.a. interest credited monthly, unlimited transactions, and a dedicated relationship manager.
• Joint Liability Loan (JLL) Group-based microfinance loan for 7-10 women borrowers without collateral. Weekly repayments collected at group centre meetings, with operations across Maharashtra, MP, Karnataka, Uttarakhand, J&K, and HP.
• SWEES - Women Entrepreneurship Empowerment Scheme Collateral-free loan up to ₹3 lakh for women-owned MSMEs in manufacturing, services, or trading. Tenure 12-36 months with 20% own contribution requirement.
• Gold Loan Secured loan against gold ornaments with loan amounts from ₹25,000 to ₹25 lakhs. Interest rates 12.50%-20% p.a. with up to 85% LTV, same-day disbursal, and secure vault storage.
• Loan Against Fixed Deposit Loan facility against FD or DAM Duppat with up to 80% LTV. Deposit continues earning interest during the loan period with minimal documentation required.
• Two-Wheeler Finance Scheme Vehicle financing scheme launched in 2020 to enable rural women, gig workers, and small traders to access mobility and expand livelihood opportunities. 22,000+ vehicles financed since launch.
• Sahayog Mahila Bachat Gat (SMBG) Women's savings group initiative empowering rural women with financial independence through collective savings, microloans, and group accountability. Over 150,000 women enrolled, forming the largest women's savings network in the region.
• Quick Money Transfer Fund transfer service via NEFT, RTGS, and Quick Transfer through ICICI Bank and YES Bank partnerships. Available via Sahayog Multistate Mobile App with bank-grade security.
• Sahayog Multistate Mobile App Mobile banking application available on Google Play and App Store enabling 24x7 account access, fund transfers (NEFT/RTGS/IMPS), balance checks, and e-statements.
• Health Insurance (ICICI Lombard & Kotak) Health insurance partnership with ICICI Lombard and Kotak offering access to 6500+ network hospitals for cashless treatment. Premiums qualify for Section 80D tax benefits.
• Term Insurance (ICICI Prudential) Digital onboarding term insurance with ICICI Prudential offering lump sum, monthly income, or combination payout options. Premiums qualify for Section 80C deductions.

Quantifiable outcome

• 1.8 lakh women entrepreneurs empowered through microfinance programs
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• ICICI BankcoreTechnology or IntegrationICICI Bank partnership enables NEFT, RTGS, and Quick Money Transfer services for Sahayog members through the Sahayog Multistate Mobile App. Fund transfers processed through ICICI Bank's banking infrastructure.
• YES BankcoreTechnology or IntegrationYES Bank partnership enables NEFT, RTGS, and Quick Money Transfer services for Sahayog members through the Sahayog Multistate Mobile App. Fund transfers processed through YES Bank's banking infrastructure.
• ICICI LombardcoreOthersHealth insurance partnership providing access to 6500+ network hospitals across India for cashless treatment. IRDAI License: CA0994. Premiums qualify for tax benefits under Section 80D.
• Kotak General InsurancecoreOthersHealth insurance partnership providing access to network hospitals across India. Premiums qualify for tax benefits under Section 80D.
• InfosyscoreTechnology or IntegrationInfosys Finacle CBS implementation - Sahayog became India's first cooperative society to adopt this advanced Core Banking System in 2025, enabling real-time digital financial services.
• ICICI PrudentialminorOthersTerm insurance partnership offering digital onboarding for pure protection plans with high coverage at low cost. Premiums qualify for deductions under Section 80C.

Scale indicators14 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Jana Small Finance Bank: Small finance bank with focus on unbanked rural customers, offering savings accounts, microfinance loans, and gold loans. Comparable on rural financial inclusion mission and deposit/loan product mix.
• AU Small Finance Bank: Small finance bank offering deposits, gold loans, two-wheeler loans, and microfinance to underserved customers across India. Overlapping product portfolio with Sahayog across deposits, gold loans, and two-wheeler finance.
• Muthoot Finance: India's largest gold loan NBFC with extensive rural and semi-urban branch network. Directly comparable to Sahayog's Gold Loan product (12.5%-20% range) and pan-India rural distribution model.
• Bandhan Bank: Microfinance-turned-commercial bank serving underbanked rural and semi-urban populations across India with deposits, loans, and microfinance products. Comparable in customer segment focus and geographic distribution strategy.
• Manappuram Finance: Indian NBFC offering gold loans, microfinance, and other financial services through extensive branch network. Comparable on gold loan product offering and rural financial services focus.
• CreditAccess Grameen: Indian microfinance NBFC focused on rural women borrowers through joint liability group lending, very comparable to Sahayog's JLL and SWEES programs. Listed entity with similar member-centric lending model across Indian states.
• Spandana Sphoorty Financial: Indian microfinance institution providing joint liability group loans to women in rural areas. Direct comparable on group lending model and target segment, though structured as NBFC rather than cooperative.
• Fusion Microfinance: Indian microfinance company focused on women borrowers in underserved rural markets through joint liability group lending. Comparable target demographic and product mix to Sahayog's JLL microfinance operations.
• Ujjivan Small Finance Bank: Small finance bank serving underbanked segments with deposits, microfinance loans, and savings products. Comparable mission of financial inclusion with branch-led rural distribution similar to Sahayog's model.

Regional players

• Maharashtra State Cooperative Bank: State-level cooperative bank in Maharashtra providing banking services to cooperative societies and their members. Comparable as a cooperative banking institution operating in similar geography and serving member-based customer base.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sahayog Multistate Credit Co-operative Society