Financial Cooperative Institutions: Functions of Financial Cooperative Institution
Arjun EP
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What is Financial Cooperative Institutions?
Financial cooperative institution is similar to cooperative institution.
In Nepal, all cooperatives are running on through Co-operative Act 2048 BS.
Cooperative means willing to help or working together.
It is voluntary association with common interest.
It is very suitable for low income group of society.
It joins together them and safeguard their social, economic and culture interest.
It provides cooperative education to its members.
Financial cooperative accepts deposits from its members on monthly and daily basis.
It grants loan to members.
It provides interest on deposit and charges interest on loan.
According to cooperative rules, the different of interest should be 5% in loan and saving.
There are different rules for loan in cooperatives.
Generally, it provides 80% − 100% loan of saving amount.
Some cooperatives provide more loan than saving against security or group guarantee.
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Basic Journal Entries in Nepali |
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Basic Journal Entries |
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Journal Entry and Ledger |
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Ledger |
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Subsidiary Book |
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Cash Book |
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Trial Balance & Adjusted Trial Balance |
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Final Accounts |
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Government Accounting |
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Goswara Voucher (Journal Voucher) |
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Keep in Mind (KIM)
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On 24th October 1844, British Industrialist Robert Oben established first cooperative named Rochdale Society of Equitable Pioneer. |
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In 1850 AD, German citizen Soolz had established first credit cooperative. |
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In 1866 AD, Italian citizen Lujati had established cooperative bank. |
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In 1883 AD, Olemberg had established Rural Development Bank |
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In 1895 AD, International Cooperative Alliance established in England.
Nepal’s first cooperative is Bakhan Multi-purpose Cooperative Institute, Chitwan. |
Functions of Financial Cooperative Institution
Some major functions of financial cooperative institution are as under:
(a) It encourages saving habits to its members.
(b) It accepts deposits from its members under different scheme.
(c) It provides loan to its members 80% to 100% of their saving.
(d) It provides more loans to its members against security or group guarantee.
(e) It provides cooperative education to its members.
(f) It provides different welfare services to its members.
(g) It mobilize small amount of capital in urban and rural areas.
(h) It invests excess saving amount into cottage industries and agriculture sectors etc.
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Very Short Answer Questions
VSQ 1: Write the meaning of bank.
VSQ 2: Write the name of the first central bank of the world.
VSQ 3: What do you mean by central bank?
VSQ 4: Write the name of central bank of Nepal.
VSQ 5: Write the name of first commercial bank of Nepal.
VSQ 6: When did first commercial bank of Nepal establish?.
VSQ 7: Write the meaning of development bank.
VSQ 8: What do you mean by cheque?
VSQ 9: What do you mean by bearer cheque?
VSQ 10: What do you mean by order cheque?
VSQ 11: What do you mean by crossed cheque?
VSQ 12: What is the full form of KSK?
VSQ 13: Write down the full form of PF.
VSQ 14: Write the full form of CIT.
VSQ 15: Write the meaning of insurance.
VSQ 16: Write the meaning of life insurance?
VSQ 17: What do you mean by non-life insurance?
Short Answer Questions
SAQ 1: Write down the terms and conditions of home trade.
SAQ 2: Write the meaning of central bank? Explain any four functions of central bank in short.
SAQ 3: Define central bank. Write down any four functions of central bank.
SAQ 4: What are the major duties of central bank?
SAQ 5: What are the products of bank?
SAQ 6: Explain the primary functions of commercial bank in short?
SAQ 7: What are the secondary functions of commercial bank?
SAQ 8: Define development bank. Write down any four features of development bank.
SAQ 9: Define cheque. Who are the parties of a cheque?
SAQ 10: White is a cheque. Write down types of cheque.
SAQ 11: Write the meaning of cheque. Write down any four differences between bearer and order cheque.
SAQ 12: What do you mean by life insurance? Explain any for importance of life insurance.
SAQ 13: Explain any two life insurance policies.
SAQ 14: What is non-life insurance? Explain any for importance of non-life insurance.
SAQ 15: Explain any two non-life insurance policies.
SAQ 16: Define employee’s provident fund. Write down any four objectives of EPF.
SAQ 17: Define citizen investment fund. Write down any four functions of CIT.
SAQ 18: Define financial cooperative institution and write down any four functions of it.
Long Answer Questions
LAQ 1: What is central bank? Explain any six functions of central bank.
LAQ 2: What are the primary and secondary functions of commercial bank?
LAQ 3: Define insurance. Explain the benefits of insurance.
LAQ 4: Explain the primary and secondary functions of insurance.
LAQ 5: Explain types of life insurance in detail.
LAQ 6: What is non-life insurance? Explain types of non-life insurance.
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