9th January 2012, 11:26 AM
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Abstract : When two or more person makes investment for carrying a banking business, then a co-operative bank is formed.
So the member of co-operative bank is the shareholder of co-operative bank or in otherwords he or she has to take share in order to become a member.
There are two types of shares in co-operative banking sector. In Share- A class Membership to become a member of the bank, the customer should take a Share-A Class Membership.
There are some criteria or rules to be followed when a bank grant membership. Board of directors will check each of criteria of applicant & issue membership to eligible ones.
Share amount is the face value of share and not market value of shares. The face value (Share amount) those are common to all members.
A member can take any number of shares as per maximum unit prescribed by bank. Initially while opening a membership bank normally issue one share.
Once he/she become a member he/she can take any number of shares additionally. But it is subject to maximum limit.
In Nominal Membership a Nominal member is one who becomes the member of the bank for the purpose of pledging loans only (gold loans).
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