I have gathered few farmers from village and formed a group. We started collecting 500 rupees per month. This is going on since last 2 years. every month we give this amount to someone who is in need of money with an annual Interest rate of 12%. As this amount has gone, now, substantially high, I want to giev an organized form to this group. This is mainly to avoid the hurdles in repayment. Although, there are very few people and who are closely associated as it is related to money, I want to give a more strategic look to the group.
Plese suggest any legal option wherein i can with minimum documents and expenditure can for some recognized body and will be bale to take this group to it's new high.
Thanks a lot!
Dnyaneshwar J
