Visualizing the scope for interest-free banking and financial services in India, before close of last century a group of people across India initiated to register a multi-state Cooperative Credit Society; and accordingly by 15th January 2001 Aasra Cooperative Credit Society Ltd was registered vide registration No. MSCS/CR/115/2000. Though the basic object of Aasra Cooperative Credit Society is to provide interest free banking and finance, its registered bye-laws is complying with the Acts and Rules (like MSCS Act 2002 and MSCS Rules 2002) set for Multi State Societies framed by the department of Cooperation, Ministry of Agriculture, Government of India. So this interest-free society shall be abiding by its registered bye-laws without over ruling relevant acts and rules.
In the late 1990s, 857 committed individuals across 16 states of India came together with a shared national vision: to create a Pan-India, interest-free financial infrastructure rooted in ethics, participation, and the real economy.
Their effort succeeded on 15 January 2000, when Aasra Cooperative Credit Society Ltd. was registered under the Multi-State Cooperative Societies Act by the Government of India.
Since then, Aasra has continuously updated its bye-laws in compliance with the MSCS Act, ensuring legal continuity, transparency, and long-term sustainability.
To build a pan-India, people-owned, participatory financial infrastructure that reduces dependence on debt and strengthens micro-enterprise-driven economic activity.
To lawfully develop a cooperative financial framework where citizens collectively own, govern, and deploy financial resources into ethical, transparent, and productive economic activities.
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