A cooperative is a business organization. which is managed by a group of members for their collective welfare. The joint venture of a group of people for their own economic and social development with a good objective is called a cooperative. It is the responsibility of the Union Parishad to highlight the good aspects of the cooperative program in front of the people and create public interest in the cooperative program for the overall development of the area.
What is a cooperative?
Co-operative society means collective effort. A collective effort to achieve their own economic welfare is simply called a cooperative. In actual sense, some people of the same class voluntarily come together to achieve their financial welfare and form a business organization under the Cooperative Act on the basis of equal rights. It is called a cooperative organization. All the people, all together, self-reliance is the best way, etc. are its mottos.
Henry Calvert said, "Cooperative is an organization whereby various persons voluntarily come together for the protection of economic interests on a cooperative basis."
From the above discussion, we get the following concept of cooperative society:
1. Organization of poor people in cooperative societies;
2. Some persons of the same class or profession establish such organizations;
3. Its purpose is to achieve the economic welfare of the members; And
4. Such institutions are formed and managed under the Cooperative Act.
Finally, it is said that some like-minded people belonging to the same area with the aim of mutual economic welfare build a democratic institution under the existing laws of the country on the basis of joint efforts and equal rights. It is called a cooperative society. Currently in Bangladesh, such societies are formed and governed under the Cooperative Act of 2001 and the Cooperative Societies Rules of 2004.
History:
The history of cooperative societies is almost as old as the history of human civilization. The present organizational form of cooperative society was established shortly before the Industrial Revolution in Europe. The first Fenwick Weavers' Society was formed in 1761 to provide loans, education and immigration to local weavers. Later more than 1000 co-operatives started functioning in England alone.
Objectives:
Cooperatives aim to bring about socio-economic emancipation through joint efforts by pooling small savings and energy.
why is it important?
Cooperatives are not just an economic activity. The motto of cooperatives is 'Sakler there sake we each we are next here. Co-operative Organizations or Associations Co-operative organizations create employment opportunities for the poor people of the country by pooling small savings and energy.
Responsibility of the Union Parishad:
People have the right to get various information and advisory services about the formation of cooperative societies from the Union Parishad. Union Parishads perform cooperative duties for village development.
Bangladesh can be called the cradle of microfinance. Group or association-based lending is a very popular approach among micro-finance institutions (MFIs). Cooperative societies like MFIs are also playing a significant role in the country in bringing financial and business success to members through lending. And we have developed the MFMSBD software to manage all these organizations smoothly and easily.
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