Essay about Co-Operative Movement in Bangladesh

Assignment on

Co-operative Movement in Bangladesh

Non-urban Financial Market & Microfinance

Course no: 519

Published to

Dr . M. A. Baqui Khalily

Professor

Department of Fund

University of Dhaka

Submitted by

Md. Farhad Uddin

Roll Zero: 11-071

MBA (11th Batch)

Department of Finance

University of Dhaka

Date of Submission: 28th March, 2011.

Co-operative Movement in Bangladesh

Intro:

Co-operative movement is a series of planned actions with a common goal. The word usually refers more specifically towards the formation of non-profit economic enterprises for the benefit of individuals using their providers. Begun in the uk in the nineteenth century, the co-operative motion stimulated Bengal in the last ten years of the hundred years. At first, a few British civilians started this in their areas with substantial success. Within the initiative of the government of Bengal, it had been launched together with the enactment of the Co-operative Credit Societies Act 1904. The theoretical beginning of the cooperative movement is to be traced through the writings of Robert Owen, Louis Bleme, Charles Fourier and others.

Imperialiste Period: �

The traditional non-urban credit system collapsed underneath the weight from the colonial program. Consequently, the rural economy steadily became determined by an informal finance market dominated by Mahajans (moneylenders). With the commercialization of agriculture under the colonial dictates,  rural indebtedness further improved and by the finish of the nineteenth century, the agricultural and Artisan classes became almost totally subjected to the power over usurious moneylenders. In view of the rising indebtedness of the peasantry and artisan classes, the colonial condition came toward solve the condition with its personal panacea -- co-operative communities. According to the Action of 1904, the co-operative societies were to be established in every district and were needed to be managed by associates on democratic lines. The overall meeting selected a chairman and a panel of supervision. All decisions as to debts, loans, investments, interests, etc . were to be adopted at the basic meeting. Throughout the early years of the movement, the societies had been financed possibly by financial loans from govt or coming from private people and deposits made by associates. The government loan up to a specific sum was normally curiosity free. The village-based gardening credit societies started providing loans to deserving members. Co-operative societies were also set up for fishing and weaving cloth classes, buyers, and in a few urban areas. A new Co-operative Act was enacted in 1912 to co-ordinate their particular activities and also to provide for the business and charge of financing organizations. Under the fresh act central co-operative banking institutions as federations of main agricultural communities were founded in all essential towns and ports. In 1918, the Bengal Provincial Co-operative Federation was create at Calcutta. In 1922, it was renamed the Provincial Co-operative Bank. Within the India Act of 1919, co-operatives like a sector were created a regional subject. As a result, the co-operative movement gained great impetus in the twenties. The total quantity of rural co-operatives in Bengal in 1906-07 was 222. By 1928, the number flower to nineteen, 742 which includes 113 central cooperative banking companies. Then emerged the crash in 1929. The worldwide slump damaged Bengal also. Almost all the co-operative communities reported large-scale default and crises within their management. Although creditors failed to clear their particular dues, the depositors ran to the cooperative offices to withdraw their cash. The co-operative movement received another jerk under the procedure of the Bengal Agricultural Debtors' Act 1935, under which debt settlement panels were proven to relieve the debtors on the expense of the creditors, such as co-operative communities. The communities further suffered under the Moneylenders Act 1939, which described co-operatives because money lending agencies make them under a number of restrictions....

Bibliography: Maniruddin Ahmed,  Co-operatives in Bangladesh: An Overview,  Bangladesh Co-operative School, 1989; L B Ewbank,  Indian Co-operative Studies, Oxford University Press, 1920; T P Niyogi,  The Co-Operative Movement in Bengal,  Macmillan and Company, 1940.

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