BANKING AFFAIRS

Detailed explanation-1: -(Received the assent of the Governor General on the 25th March, 1904.) An Act to provide for the constitution and control of Co-operative Credit Societies. (f)” society “means a co-operative credit society registered under this Act.

Detailed explanation-2: -Seeing these trends and considering the problems of rural agricultural economy, the First Cooperative Law of India was enacted by the British in 1904, covering the undivided India (including Bangladesh, Pakistan, and Burma).

Detailed explanation-3: -The enactment of Cooperative Credit Societies Act, 1904, however, gave the real impetus to the movement. The first urban cooperative credit society was registered in Canjeevaram (Kanjivaram) in the erstwhile Madras province in October, 1904.

Detailed explanation-4: -During the first years (between 1904 and 1912) the law only allowed primary (local) co-operatives, without the right to federate and to from unions or federations.

Detailed explanation-5: -The 1904 Cooperative Societies Act, was repealed by 1912 Cooperative Societies Act which provided for formation of Cooperative societies other than credit. Under 1919 Administrative Reforms, Cooperatives was made a provincial subject making each province responsible for Cooperative development.