BANKING AFFAIRS

Detailed explanation-1: -The first urban cooperative credit society was registered in Canjeevaram (Kanjivaram) in the erstwhile Madras province in October, 1904.

Detailed explanation-2: -The first Cooperative Law of India The Cooperative Credit Societies Act, 1904 was passed on 25th March 1904. Agricultural Credit Cooperative Society, of Kanaginahal village of Gadag District in Karnataka was the first cooperative Society formed under First Cooperative law of India.

Detailed explanation-3: -The 1904 Act provided for constitution of societies, eligibility for membership, registration, liabilities on members, disposal of profits, shares and interests of members, privileges of societies, claims against members, audit, inspection and enquiry, dissolution, exemption from taxation and rule making power.

Detailed explanation-4: -Which was the first cooperative society registered under Cooperative Societies Act 1904 and in which year it was registered? Explanation: Agricultural Credit Cooperative Society, of Kanaginahal town of Gadag District in Karnataka, was the principal helpful Society framed under the First Cooperative law of India.

Detailed explanation-5: -The history of Indian cooperative banking started with the passing of Cooperative Societies Act in 1904. The objective of this Act was to establish cooperative credit societies “to encourage thrift, self-help and cooperation among agriculturists, artisans and persons of limited means.”