Founder of Jayalakshmi Society
Co operative Movement
Inspite of numerous government and private banks across the country, certain weaker sections of the society have been neglected over the period of time due to which there has been immense rise in the co-operative sector. The principle of co operation is as old as human society and it forms the basis of domestic and social life. It is certainly a group instinct in man which enables him to live together, work together and help each other in times of stress and strain. The first Cooperative Credit Societies Act was enacted in 1904. Co-operative Societies focus more on under developed or least focused sections of the society in order to provide them with available services much similar to the rest of such societies. In short, the economically weaker sections of the society look up to co-operative societies for financial assistance or aid for their socio-economic development. Such societies are different from those of commercial banks, though the services they provide remain more or less the same. One such co-operative society was started on the 27th of January 1999. The Jayalakshmi Mutually Aided Multipurpose Co-operative Society limited was registered under the Andhra Pradesh mutually aided co-operative societies act 1995 U/S 9 (5th of the act). The Jayalakshmi Mutually Aided Multipurpose Co-operative Society Ltd., or the JAYALAKSHMI CO-OPERATIVE SOCIETY (generally referred to as), began with an aim to provide all the necessary services for the common man without any hassle for their development. The City Kakinada, Andhra Pradesh is the 6th largest city of Indian State of Andhra Pradesh and serves as the district headquarters of East Godavari district of the State. It lies on the coast of Bay of Bengal to the east in the district. It was once ruled by Dutch India and British East India Company. In such city, a enthusiastic and like-minded business tycoons Shri Rayavarapu Mrutyunjaya Rao garu Zamindar of Mulapeta, East Godavari District, Andhra Pradesh started a society, with an intention to promote social justice and welfare of the peoples in the lower strata of the society to their standard of living. The society and made enormous progress during the last 20 years of its inception. The society achieved the landmark of having 18,000 plus members.