Rightful ownership based on the membership and it’s influence

In the midst of several challenges most imperative demand emerged within WDF at the starting phase was to establish a people centered entity which could assert progressive and democratic control of public owned funds. Consequence of this motive was the establishment of Janashakthi banking societies. At present 158 units of these Bank societies functioning under the purview of WDF.

When the operation is concerned Janashakthi Bank society is a social organization and an economic entity as well. Owing to this reasons Janashakthi Bank societies compelled to move away from the identical features of an NGO or a company but to go along with co-operative principles in order to secure right based membership. As per the said principles the rights of the membership had to be asserted and prior to that, the ownership against shares of the asset base had to be attended. Among several modalities studied, Janashakthi selected Co-operative principles which were practiced by the pioneers of cooperative named ‘Rochdale’ in England since, 1844.

While, similar speculations were evolved in WDF as well of which the theory of not consenting to utilize annual profit for own benefit of the members or the employees which was adopted as a rule. This principle is visible in the 16th. section of the constitution of WDF.

The two basic elements practiced along the lines of co-operative principles were to affirm legitimacy of the members` ownership and to invent conducive environment for Effective participation of the beneficiaries. Undoubtedly, the positive impact of these two elements had contributed immensely to reach current achievements over time and the following is a brief prologue of these two principles.