An autonomous association of persons voluntarily cooperating for mutual social, economic
and cultural benefits. It is actually a business venture which runs on the co-operation
of and the ownership by its customers who re-invest in the community it served.
Types:
Consumer/Retail
cooperatives: It is formed for protecting interest of general consumers; it
works by making consumer goods available at a reasonable price. Ex:-‘Shosta
Bazar’
Credit union:
Formed to provide financial support to the members. The society accepts
deposits from members and grants them loans at reasonable rate of interest in
times of need. Ex:- Village Co-operative Society, Urban Cooperative Banks
Service
cooperatives: These societies are formed by small producers and manufacturers
who find it difficult to sell their products individually. Ex:- ‘AMUL’
Housing
cooperatives: Formed to provide residential accommodation to members. Constructs
houses or apartments for members, provides amenities & takes care of
maintenance and repairs. Ex:-The Employees’ Housing Societies , Metropolitan
Housing Co-operative Society
