setting up of self financing unit

Querist : Anonymous (Querist) 11 November 2010 This query is : Resolved
We are planning to set up a self financing unit for the benefit of our alumni similar to SHG concept.

can we collect monthly thrift like deposit from our members

can we lend the pooled up money for their own benefit

are there any restrictions for such activity

it is not a micro finance unit

the activity is not meant for profit but for the welfare of the members

whether the activity attracts any permissions, if so to whom we have to approach

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