Cooperatives (except some large ones) are a local institution addressing local needs, employing local talent and led by local leaders. It has immense potential to deliver goods and service, food security and to generate employment generation in the area where both the public and private sector have failed.
A Cooperative society can be formed under the Cooperative Society Act 1912 by a minimum of ten members. Such a society has to adopt necessary by-laws and be registered Registrar of Cooperative Society of the state concerned.
All types of cooperative societies work on the same principle but differ only with regard to the nature of the activities they perform. These are the different types of cooperative societies that exist in our country are as follows:
1. Consumer’s Cooperative Society: Principle aim of this society is to supply consumer goods at a reasonable price and eliminate the possibility middlemen in the process of such distribution.
2. Producer’s Cooperative Society: These societies are formed to protect the interest of the small producers by providing effective and smooth supply of raw materials, equipments, tools etc.
3. Cooperative Marketing Society: These societies generally collect the products from the small producers at a reasonable price and take the responsibility of selling the products.
4. Cooperative Credit Society: These societies are established for providing financial support to the members at a low rate of interest.
5. Cooperative Farming Society: Small farmers are united in these types of cooperative to enjoy the benefit of large scale farming.
6. Housing Cooperative Society: These societies generally purchase land, develop it and construct houses or flats so that they can be allotted to the members for residential purpose.
In India the Cooperative Movement in its modern form its beginning in 1904 with the enactment of Co-operative Credit Societies Act on 25th March 1904. The 1904 Cooperative Societies Act was repealed by 1912 Cooperative Society Act which provided formation of Cooperative Societies other than Credit Cooperative Societies. After a more than hundreds years of its activity Cooperatives have nearly 21 crores members covering 70% of rural household and 99% of villages in our country. The working capital of different cooperatives - both credit and non-credit ones - amounts to around Rs. 34 million.
The credit for being the first registered Cooperative Society in Tripura goes to “Swasti Cooperative Limited” of Kanchanpur Subdivision, North Tripura in April 1949 for taking up settlement of 703 acres of land among its members for rehabilitation i.e. for building up bazaar, road, settlement and for cultivation. Although the Cooperative Movement in India has started its journey since 1904, it took another 45 years for Tripura to move towards the path of Cooperative Movement with insufficient knowledge about the philosophy, value and principles of the movement. In the year 1951, Rudrasagar Udbastu Fishermen Cooperative Society at Melagarh of Sonamura Subdivision, West Tripura was initiated and this Cooperative Society was also covered under “Fishermen Accident Insurance”. It also took up the activity of providing the facilities of housing, drinking water to the members of the fishermen families
1. Cooperative Credit Society: After the nationalization of Reserve Bank in 1st January 1949, the Standing Advisory Committee of the Bank recommended for close coordination between the State Cooperatives of different States. According to the directives of the Reserve Bank of India, Chief Commissioner the-then Mr. K.P.Vergab established the Tripura State Cooperative Bank in 25th January 1957 with three branches at Agartala, Dhramanagar and Udaipur. Agartala was chosen as the Head Office with working capital of Rs. 15,00,000 and share capital of Rs. 50,000. The interest rates of the deposit of different types of Accounts were:...