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What 's the role of RBI in multi state credit cooperative society act 2002?
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Mscs/cr/526/2012
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What is the structure of Development Banks in India?
Credit cooperatives are the oldest and most numerous of all the types of cooperatives in India. The cooperative credit institutions in the country may be broadly classified into urban credit cooperatives and rural credit cooperatives. There are about 2090 urban credit cooperatives and these societies together constitute for about 10 percent of the aggregate banking business and therefore regarded as an important segment of the banking system. The urban credit cooperatives are also popularly known as Urban Cooperative Banks. The rural credit cooperatives may be further divided into short-term credit cooperatives and long-term credit cooperatives. With regard to short-term credit cooperatives, at the grass-root level there are around 92,000 Primary Agricultural Credit Societies (PACS) dealing directly with the individual borrowers. At the central level (district level) District Central Cooperative Banks (DCCB) function as a link between primary societies and State Cooperative Apex Banks (SCB). It may be mentioned that DCCB and SCB are the federal cooperatives and thus the objective is to serve the member cooperatives. As against three-tier structure of short-term credit cooperatives, the long-term cooperative credit structure has two tiers in many states with Primary Cooperative Agriculture and Rural Development Banks (PCARDB) at the primary level and State Cooperative Agriculture and Rural Development Bank at the state level. However, some states in the country have unitary structure with state level cooperative operating with through their own branches and in one state an integrated structure prevails. The organizational structure of the credit cooperatives in India is illustrated in chart I. Interestingly, under the Banking Regulation Act 1949, only State Cooperative Apex Banks, District Central Cooperative Banks and select Urban Credit Cooperatives are qualified to be called as banks in the cooperative sector. In other words, only these banks are licensed to conduct full-fledged banking business. The Co-operative Banks function in India on State Levels. Most of the Rural Co-operative banks function on Three-Tier and the Urban banks function on Two-Tier. At the National Level there is NABARD to organise the Agricultural Co-operatives. Also there is National Co-operative Union of India, as an apex instituion at National Level. The Reserve Bank of India controls the Co-operative Banks that falls under the Banking Regulation Act of 1949.
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Exam state Cooperative Union JDC Exam Result?
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Which theorist believed that modern society produced anomie a confusing rule-less state?
Emile Durkheim
Are the universal multi state credit co-operative society limited approved by RBI?
no
What is cooperative bank?
Cooperative banks are governed by the provisions of State Cooperative Societies Act and meant essentially for providing cheap credit to their members. it is an important source of rural credit in India.
Is multi state cooperative society entitle to accept deposits from public?
Multi state co operative society could raise the funds for its object upto the maximum limit of TEN TIMES of its subscribed share capital and accumulated reserve fund in terms of specific provision under Multi State Co operative Societies Act 2002.I think it could not be legal and proper to invite the deposits from public by AD in newspapers.Also the society could transact with its members only and they could only be invited for funds if necessary.In the circumstances the answer is NO.
Can a consumer purchase a vehicle on behalf of a cooperative?
If that cooperative is a legal entity - that is to say, registered with the state to do business within that state - then yes, he/she can. He/she will have it in the name of the cooperative, and sign their own name "on behalf of" the cooperative.
What is the legal status of the cooperative society?
Co-operative societies are registered with the state like corporations. They are legal non-profit organizations that are established for a specific purpose.
What is the cocoperative legislation in India?
The cooperative movement in India owes its origin to agriculture and allied sectors. Towards the end of the 19th century, the problems of rural indebtedness and the consequent conditions of farmers created an environment for the chit funds and cooperative societies. The farmers generally found the cooperative movement an attractive mechanism for pooling their meagre resources for solving common problems relating to credit, supplies of inputs and marketing of agricultural produce. The experience gained in the working of cooperatives led to the enactment of Cooperative Credit Societies Act, 1904. Subsequently, a more comprehensive legislation called the Cooperative Societies Act was enacted. This Act, inter alia, provided for the creation of the post of registrar of cooperative societies and registration of cooperative societies for various purposes and audit. Under the Montague-Chelmsford Reforms of 1919, cooperation became a provincial subject and the provinces were authorised to make their own cooperative laws. Under the Government of India Act, 1935, cooperatives were treated as a provincial subject. The item "Cooperative Societies" is a State Subject under entry No.32 of the State List of the Constitution of India. "In order to cover Cooperative Societies with membership from more than one province, the Government of India enacted the Multi-Unit Cooperative Societies Act, 1942. This Act was an enabling legislative instrument dealing with incorporation and winding up of cooperative societies having jurisdiction in more than one province. With the emergence of national federations of cooperative societies in various functional areas and to obviate the plethora of different laws governing the same types of societies, a need was felt for a comprehensive Central legislation to consolidate the laws governing such cooperative societies. Therefore, the Multi-State Cooperative Societies Act, 1984 was enacted by Parliament under Entry No. 44 of the Union List of the Constitution of India. "After India attained Independence in August, 1947, cooperatives assumed a great significance in poverty removal and faster socio-economic growth. With the advent of the planning process, cooperatives became an integral part of the Five Year Plans. As a result, they emerged as a distinct segment in our national economy. In the First Five Year Plan, it was specifically stated that the success of the Plan would be judged, among other things, by the extent it was implemented through cooperative organisations. "The All-India Rural Credit Survey Committee Report, 1954 recommended an integrated approach to cooperative credit and emphasised the need for viable credit cooperative societies by expanding their area of operation, encouraging rural savings and diversifying business. The Committee also recommended for Government participation in the share capital of the cooperatives. "In view of these recommendations, different States drew up various schemes for the cooperative movement for organising large-size societies and provision of State partnership and assistance. During 1960s, further efforts were made to consolidate the cooperative societies by their re-organisation. Consequently, the number of primary agricultural cooperative credit societies was reduced from around two lakh to 92,000.
When was Baden-Wuerttemberg Cooperative State University Loerrach created?
Baden-Wuerttemberg Cooperative State University Loerrach was created in 1981.
What is the structure of Development Banks in India?
Credit cooperatives are the oldest and most numerous of all the types of cooperatives in India. The cooperative credit institutions in the country may be broadly classified into urban credit cooperatives and rural credit cooperatives. There are about 2090 urban credit cooperatives and these societies together constitute for about 10 percent of the aggregate banking business and therefore regarded as an important segment of the banking system. The urban credit cooperatives are also popularly known as Urban Cooperative Banks. The rural credit cooperatives may be further divided into short-term credit cooperatives and long-term credit cooperatives. With regard to short-term credit cooperatives, at the grass-root level there are around 92,000 Primary Agricultural Credit Societies (PACS) dealing directly with the individual borrowers. At the central level (district level) District Central Cooperative Banks (DCCB) function as a link between primary societies and State Cooperative Apex Banks (SCB). It may be mentioned that DCCB and SCB are the federal cooperatives and thus the objective is to serve the member cooperatives. As against three-tier structure of short-term credit cooperatives, the long-term cooperative credit structure has two tiers in many states with Primary Cooperative Agriculture and Rural Development Banks (PCARDB) at the primary level and State Cooperative Agriculture and Rural Development Bank at the state level. However, some states in the country have unitary structure with state level cooperative operating with through their own branches and in one state an integrated structure prevails. The organizational structure of the credit cooperatives in India is illustrated in chart I. Interestingly, under the Banking Regulation Act 1949, only State Cooperative Apex Banks, District Central Cooperative Banks and select Urban Credit Cooperatives are qualified to be called as banks in the cooperative sector. In other words, only these banks are licensed to conduct full-fledged banking business. The Co-operative Banks function in India on State Levels. Most of the Rural Co-operative banks function on Three-Tier and the Urban banks function on Two-Tier. At the National Level there is NABARD to organise the Agricultural Co-operatives. Also there is National Co-operative Union of India, as an apex instituion at National Level. The Reserve Bank of India controls the Co-operative Banks that falls under the Banking Regulation Act of 1949.
Is Tripura state cooperative bank a scheduled bank?
No.
What has the author Nicholas Constantine Lanitis written?
Nicholas Constantine Lanitis has written: 'Rural indebtedness and agricultural co-operation in Cyprus' -- subject(s): Agricultural credit, Agriculture and state, Cooperative Agriculture
Names of consumer cooperatives in Nigeria with addresses?
1.Dunlop Staff Multipurpose Cooperative Society. Dunlop Nigeria Plc, Oba Akran avenue, Ikeja, Lagos State Nigeria 2.
What is the different between joint stock company and co-operative organization?
The main difference between cooperative organisation and company organisation are given below:1. Basic objects:The primary objective of a cooperative society is to provide service, whereas a company seeks to earn profits. This does not mean that a cooperative society does not earn profits or a company does not render service to society.It simply means that all the activities of a cooperative society are guided by service motive and profits are incidental to this objective. On the other hand, the activities of a company are inspired by profit taking and services rendered to society are incidental to profit motive.2. Number of members:The minimum number of persons is 7 in a public company and 2 in a private company. A cooperative requires at least 10 members. The maximum number of members is 50 in a private company and 100 in cooperative credit society. There is no maximum limit in case of public companies and non-credit cooperative societies.3. Member's liability:The liability of members of a company is generally limited to the face value of shares held or the amount of guarantee given by them though the Companies Act permits unlimited liability to companies. The members of a cooperative society can opt for unlimited liability. But in practice their liability is generally limited.4. Membership:The membership of a cooperative society is open at all times and new members have to pay the same amount per share as old ones have paid. A company, on the other hand, closes the list of members as soon as its capital is fully subscribed. People who want to become members later on have to buy shares at the stock exchange.5. Management and control:The management of a cooperative society is democratic as each member has one vote and there is no system of proxy. In a company, the number of votes depends upon the number of shares and proxies held by a member.There is little separation between ownership and management in a cooperative society due to limited and local member­ship.6. Distribution of surplus:The profits of a company are distributed as dividends in propor­tion to the capital contributed by the members.In a cooperative society a minimum part of surplus must be set aside as a reserve and for the general welfare of the public. The rest is distributed in accordance with the patronage provided by different members after paying divi­dend up to 10 per cent on capital.7. Share capital:In a company, one member can buy any number of shares but an individual cannot buy more than 10 per cent of the total number of shares or shares worth Rs. 1,000 of a cooperative society.A public company must offer new shares to the existing members while a cooperative society issues new shares generally to increases its membership.The subscription list of a cooperative society is kept open for new members whereas, the subscription list of a company is closed after subscriptions. A company is thus capitalistic in nature while a coopera­tive society is socialistic.8. Transferability of interest:The shares of a public limited company are freely transfer­able while the shares of cooperative society cannot be transferred but can be returned to the society in case a member wants to withdraw his membership.A member of a cooperative society can withdraw his capital by giving a notice to the society. A shareholder, on the other hand, cannot demand back his capital from the company until it's winding up.9. Coverage:A cooperative society generally draws its membership from a limited local area. The members have common bond in the form of a common occupation or employer or locality. In a company members have no such relationship and are usually drawn from different parts of the country and even from abroad.10. Exemptions and privileges:A cooperative society enjoys several exemptions and privi­leges regarding income tax, stamp duty, etc. This is because the Government seeks to encourage the growth of the cooperative movement.No such exemptions, privileges and assistance is avail­able to a public limited company. A private limited company, however, enjoys a number of exemptions and privileges under the Companies Act.11. Governing statute:A company is governed by the Companies Act, 1956 while a co­operative organisation is subject to the provisions of the Cooperative Societies Act, 1912 or State Cooperative Societies Acts.Formation of a Cooperative SocietyIn order to get a Cooperative society registered, an application in the prescribed form must be submitted to the Registrar of Cooperative Societies of the State in which the society's regis­tered office is to be situated.Any ten persons above the age of 18 years and having common interest may submit a joint application for being formed into a Cooperative society. The applica­tion should contain the following information:(i) The name and address of the society.(ii) The aims and objects for which the society is being registered.(iii) The names, address and occupations of the members.(iv) Share capital and its division.(v) Method of admission of new members, and(vi) Two copies of the bylaws (rules and regulations) of the society.A Cooperative may adopt model bylaws given in the Cooperative Societies Act instead of framing its own bylaws.Once the application for registration along with the copies of bylaws is submitted, the Registrar of Cooperative Societies will carefully scrutinise them in order to ensure that they are in accordance with the provisions and spirit of the Cooperative Societies Act.When he is fully satisfied in this connection he will enter the name of the society in his register and will issue a certificate of registration.After getting the certificate of registration, the society becomes a body corporate having a separate legal entity of its own, with perpetual succession and limited liability of its members.A cooperative society can be registered only when it satisfies the prescribed conditions. Some of these are as follows:(1) There must be at least ten adult members.(2) The members should be bound together by some common interest e.g., they may belong to the same occupation, locality or employer.(3) They must put up a joint application to the Registrar of Cooperative Societies.(4) Each member must give an undertaking to buy at least one share.(5) A copy of bylaws must be submitted to the Resistrar.The management of a cooperative society lies in the hands of a managing committee. Members of this committee are elected directly by the members at the annual general meeting of the society.The managing committee consists of a number of members who elect from among themselves the following office bearers:1. President,2. Vice-president(s),3. Secretary4. Joint Secretary, if any, and5. Treasurer.The general body of shareholders lays down the broad objectives and policies of the co­operative society. The managing committee determines detailed programmes and procedures of the society.The committee also gets progress reports from the office-bearers and it is accountable to the annual general meeting of members. The office-bearers of the society work mainly in an honorary capacity.The annual accounts of the society are audited and its annual report is submit­ted to the Registrar of Cooperative Societies.
