co-operative banking questions and answers
I. General Concepts & Principles of Cooperative Banking Q1: Define a cooperative bank and explain its key distinguishing features from commercial banks. A1: A cooperative bank is a financial institution owned and controlled by its members, who are also its customers. Key distinguishing features include: Member Ownership: Owned and democratically controlled by its members. Not-for-Profit Motive: Primary goal is to serve members' needs, not maximize profit for shareholders. Cooperative Principles: Operates on principles like voluntary and open membership, democratic member control, member economic participation, autonomy and independence, education, training and information, cooperation among cooperatives, and concern for the community. Local Focus: Typically focuses on serving a specific community or sector. Q2: Explain the principle of "one member, one vote" in the context of cooperative banking. Why is it import...