MULTI STATE COOPERATIVES V/s FINANCIAL COMPANIES BY:
WEBSOFTEX SOFTWARE’S
• Multi State Co-Operative society is registered beneath Multi State CoOperative society’s act and rules.
Multi State Co-Operative Society
• Society isn't a private establishment owned by a personal however could be a totally democratic organization managed by Board of administrators World Health Organization are elective by the members of the society within the Annual General conferences additionally. • Board of administrators also take choices during a collective manner with total transparency.
Multi State Co-Operative Society
• The Department of Co-Operatives perpetually reviews the functioning of the society at regular intervals. • Finance firms are typically owned by people and frame the supposed policies in step with the homeowners.
Multi State Co-Operative Society
• The overall members/ depositors/ Investors have not any role to play. • There are some potentialities of the absence of transparency.
Multi State Co-Operative Society
• Banks works as per the principles of Federal Reserve Bank of Republic of India whereas Society works as per the Co-Operative. Act. • Audit of Bank is completed by the panel of C.A. or R.B.I. officers as per the rule of thumb of Federal Reserve Bank of Republic of India,
CO-OPERATIVES V/s Banks
• whereas in society auditors came from the registrar workplace of CoOperative. for audit. • Banks will issue cheque books because of they need financial institution license, whereas thus society do not have financial institution license so cannot issue chequebooks.
CO-OPERATIVES V/s Banks
• once anybody needs to try and do dealing with society initial of all he/she should become member of society & • have to be compelled to purchase the shares of it than &
CO-OPERATIVES V/s Banks
• then will take loan & • place deposited in society. • Whereas in Banks while not become member &amp
CO-OPERATIVES V/s Banks
• purchase the shares you will take loan &amp • additionally place FD &amp • alternative deposit.
CO-OPERATIVES V/s Banks