Co-operative Banks in India & Select Countries

In a market-oriented economy, the terms of contract are frequently weighted in favour of persons of large means. Those who have the command of scarce resources are left free to drive a bargain with those who need such resources but are ill-equipped to compete for their possession. Co-operatives are institutional agencies for achieving social cohesion. In a country whose economic structure has its roots in the villages, co-operation is something more than a series of activities organised on co-operative lines. Basically, its purpose is to evolve a system of co-operative community organisation which touches upon all aspects of life. Co-operatives in India started as a means of ensuring, for the poorly equipped citizens, advantages which better placed persons were able to command by their own individual resources. The principle of mutual aid, which is the basis of co-operative organisation, and the practice of thrift and self-help which sustains it, generate a sturdy feeling of self-reliance which is of basic importance in a democratic way of life. By pooling their experience and knowledge and by helping one another, members of co-operative societies cannot only find the solutions of individual problems but also become better citizens. The present work explains and examines the functioning of co-operative banks in India and select other countries -- including Grameen Bank of Bangladesh -- to understand their role in the globalised world.