“Cooperation” implies to act or to work together among people for whatever lawful activities. This is an ordinary meaning of cooperation. A cooperative (also co-operative; often referred to as a co-op) is a business organization owned and operated by a group of individuals for their mutual benefit. Cooperatives are defined by the International Cooperative Alliance's Statement on the Cooperative Identity as autonomous associations of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through jointly owned and democratically controlled enterprises. A cooperative may also be defined as a business owned and controlled equally by the people who use its services or by the people who work there. Cooperative enterprises are the focus of study in the field of cooperative economics
“Cooperative”, according to the Cooperative Societies Act 1904, means a group of persons who jointly conduct affairs for socio-economic interests on the basis of self-help and mutual assistance, and are registered under the Act.
So, we organize cooperatives for solving common pressing problems we, each, cannot solve separately. Or they are organized to serve the interests of their members in earning their living much more advantageous than they act individually.
1.02 Cooperative Principles:
The main objective in organizing a cooperative is to unite a concerted effort of the people to solve the problems in life they cannot solve individually. A cooperative upholds the principle of voluntariness of the persons who join the cooperative. They enjoy equal rights in the operations of the cooperative, and share all the benefits derived from them. As a cooperative is a business organization with specific characteristics, it has to strictly follow, in its operations, the following seven principles accepted universally as the Cooperative Principles, i.e. |1. Voluntary and open membership, | |2. democratic member control, | |3. member economic participation, | |4. autonomy and independence, | |5. education, training and information, | |6. cooperation among national and international cooperatives, | |7. concern for community |
Cooperative sector is expanding its hand in different financial event every day. At the same time the Cooperative movement process is becoming faster, easier and its arena is becoming wider. As the demand for better service increased day by day, they are coming with different innovative ideas & project. In other to survive in the competitive field of the Cooperative sector, all the organizations are looking for better services opportunities to provide their members.
One important challenge that the financial sector is facing is the introduction of information technology system in an aggressive manner. This is required to improve management efficiency, reduce operational cost, improve customer services, and increase transparency. Hence, the financial sector would play a vital role in the development of the country and efficient management would led the country to reach at the highest peak of success.
1.03 Scope of the Study:
The scope of this report is to analyze the operation of all departments and to evaluate the performance of the different departments of...
References: 1. www.searchgroupbd.com
Please join StudyMode to read the full document