CO OPERATIVE SOCIETIES ACT 1912

• The co operative societies Act came into force on 01-03-1912

• Main objectives of 1912 Act is, Non credit co operative  societies were formed

• This Act include 50 Sections

• As per 1912 Act, Minimum number of persons required to form co operative society was 10

• Societies were classified on the basis of liability, that is  limited and Unlimited 

• Member should hold shares more than Rupees 1000

• 25 Percentage of the profit transferred to Reserve fund

• 75 percentage of the profit distributed to members 

   

                               

National Co operative Consumer Federation ( NCCF )

• First consumer co operative society was set in Madras

• Triplicane urban co operative Society  was the first consumer co operative society in India 

• Consumer co operatives in India have a federal structure 

• The spokesman of consumer co operative movement in India is NCCF

• The National Co operative Consumer Federation of India Ltd ( NCCF ) is apex level consumer co operatives in India

• NCCF established in 16  October 1965

• NCCF start functioning from 1966

• NCCF established at the time of fourth five year plan

• NCCF is under the control of Ministry of consumer affairs

• NCCF started it's first departmental store in Delhi

• The first departmental store of NCCF in  Delhi ( Nehru palace ) 

• Price Supporting Scheme ( PSS ) is related with NCCF

                       

TYPES OF CO OPERATIVES IN INDIA

Types of Co operatives in India

1. Consumer Cooperatives
2. Producer Co operatives
3. Marketing Co operatives
4. Housing Co operatives
5. Credit Co operatives
6. Farming Co operatives  

FATHER OF CO OPERATIVE MOVEMENTS

India               -   Federic Nicholson

England          -   Robert Owen 

Germany        -  F W Reiffesen 

USA                 -  Hudson Kelly

France            -  Charles Fourier 

Denmark       -   H C Soune

Israel              -   Bon Edmound

Ireland           -   Horace Plunket

China              -   Sun Yat Sen

       

CO OPERATIVE MOVEMENT IN INDIA

• Co operative movement in India is a Government sponsored movement 

• Deccan Agricultural Relief Act 1879

• Land Improvement Loan Act 1883

• Agricultural Loan Act 1884

• Land Improvement Loan Act 1883 and Agricultural Loan Act 1884 together called Taccavi Loans

• During 1892 Madras Government appoint Federic Nicholson to Study the village bank in Europe 

• Father of co operative movement in India  Sir Federic Nicholson 

• Sir Federic Nicholson submitted the report in 1895

• The name of the report was" Find Reiffesen"

• The report suggested to establish co operative societies for rural credit 

• In 1901 Famine commission was established 

• In 1904 the co operative credit society  Act was passed 

• The Co operative Credit Societies Act passed on 25 March 1904

• First co operative law in India is Co operative Credit Society Act 1904

• Lord Curzon was the viceroy in 1904

 The main features of the Act 1904 were

1. The Act has 29 sections
2. Minimum number of person required to start a co operative societies were 10 person 
3. Societies were classified on Rural and Urban
4. Rural societies were to be organized on Reiffesen model 
5. Liability of the societies were Unlimited 
6. Loans provided for members, only for productive purpose
7. Urban societies were organized on Schulze Delitzsch Model 
8. Liability of urban socities were Limited 
9. Registrar was supported to be organized and control the society 
10. One man one vote was specified in this Act  
11. Non credit societies are not allowed to register as per this Act
12. No member could hold shares worth more than Rs 1000         

           

RESERVE BANK OF INDIA

• RBI Act passed in the year 1934

• Reserve Bank of  India established on 1 April 1935

• First headquarters of RBI in calcutta 

• In 1937 RBI headquarter was transferred to Mumbai 

• RBI nationalised in the year 1st January 1949

• RBI is the Central bank of India 

• Monitary policy of India controlled by RBI

• First Governor of RBI sir Osborne Smith 

• CD Deshmukh is the first Indian Governor of RBI

• 15th Governor of RBI  Dr Manmohan Singh

• 25th and Present Governor of RBI Sakti Kanta Das

• RBI is the custodian of foreign exchange reserve in india

• Service area approach was introduced by RBI

• Credit control is the function of RBI

• Regional Rural Banks get recommendation from RBI for opening branches

• RBI introduced 14 day intermediate treasury bills and 14 day treasury bills on 1997

• RBI introduced a bill rediscounting scheme in 1970

                                   

NABARD

• NABARD - National Bank for Agricultural and Rural Development Bank 

• NABARD is a Development Bank 

• For the request of Government of India RBI constitute a Committee to Review the Arrangement for Institutional Credit for Agriculture and Rural Development ( CRAFICARD) 

• CRAFICARD established on 30th March 1979 

• B Sivaraman was the chairman of CRAFICARD 

• The committee submitted the interim report on 28 November 1979 and recommended the formation of NABARD 

• The Parliament of India through Act 61 of 1981 approved the setting up of NABARD 

• NABARD was came into existence on 12 July 1982 

• Initial capital of NABARD is 100 crores 

• Headquarters of NABARD is Mumbai 

• First Chairman of NABARD was M Ramakrishnayya 

• Present Chairman of NABARD  is Dr Harsh Kumar Bhanwala 

• Sitting MP or MLA cannot became a member of  NABARD 

• NABARD set up a committee to study about junior level co operative training centre, the chairman of the committee was G P Bhave 

• The Swarozgar Credit Card System introduced by NABARD 

• NABCONS & NABFINS are the subsidiaries of NABARD 

• The training institute sponsored by NABARD is BIRD ( Bankers Institute for Rural Development  ) 

• NABARD is the custodian of National Rural Credit Stabilization Fund 

• Non overdue cover is a condition imposed by NABARD on the District co operative Bank 

• Central government contribution to Regional rural banks are made through NABARD 

• Grameeya is the half yearly publication of NABARD 

• National Livestock Mission introduced by NABARD 

• Dairy Infrastructure Development Fund related to NABARD 

• The kissan credit card Scheme was started by government of India in consultation with RBI and NABARD 

• NABARD regulate and supervise RRB's and Co operative Bank 

• NABARD introduced Kissan Credit Card in 1998 

• Kissan Credit Card recommended by RV Gupta Committee 

• Kissan Credit Card for production and consumption need 

• Self Help Group Bank Linkage Programme ( SHG BLP ) was introduced by NABARD