Compliance and Obligations of Co-Operative Bank & Societies in Gujarat (India)

Abstract

Cooperatives are third sector of economy. The cooperatives are socio-economic organisations, and their emphasis is not only profit but social and economic upliftment of their members. Cooperatives are shelter and platform for weaker section of the society. However, there are few cooperatives in India which are par excellence like corporate. Being cooperatives are having special objectives. In India, the government acts as guardian's role in monitoring & controlling activities of a cooperative. There are special legislations which govern cooperative organisations along with other applicable legislation to all kind of enterprises. The provisions of these special legislations are mandate for cooperatives in the country, and a cooperative has to comply with obligations they have to discharge. The paper highlights important compliance and obligations of a cooperative bank and society.

Keywords: Cooperative Bank, Society, Compliance, Obligation

JEL Classification: J54, P13, Q13