EMERGING CHAIN OF CO-OPERATIVE SOCIETIES IN INDIA – ITS REASONS AND IMPACT

Abstract

‘One for all and all for one with this slogan initiative was taken by the government to introduced credit cooperative society. The purpose of the co-operative societies is to support with inexpensive cost of money and banking services the small firms, which do not have easy access to the traditional banks, because of the small volume of their activity and therefore their small return. Also their intention is to reinforce consumer credit with loans, according to the needs of every member being it a private person, a clerk, a scientist, a retiree, a homemaker etc, that does not have access to loans from other banks. Co-operatives are based on the values of self-help, self-responsibility, democracy, equality, equity and solidarity. In the tradition of their founders, co-operative members believe in the ethical values of honesty, openness, social responsibility and caring for oath. The Objective of the study of Credit Co-operative society is to know why the Cooperative societies are increasing rapidly fast and to know the importance of Co-operative societies in existing scenario in India. Co-operative societies are deeply rooted inside local areas and communities. They are involved in local development and contribute to the sustainable development of their communities, as their members and management board usually belong to the communities in which they exercise their activities.