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VOL. 10, ISSUE 1 (2024)
Cooperative banks – An instrument of viksit Bharat through socio-economic-financial development
Authors
Lutfun Nesha
Abstract
Cooperative banks in India have played a
pivotal role in fostering economic growth, social development and financial
inclusion. To improve the socio-economic conditions of the Indian villages,
Co-operative credit societies are best suited. They have the enormous knowledge
of the local conditions and problems of rural areas. Co-operative Banks
encourage entrepreneurship, self-employment and also offer job possibilities.
As a result, it helps in increasing income, expenditure, savings as well as
asset accumulation. Rural development is possible through greater income and
general growth. These banks were founded with the principle of “no profit, no
loss”. These organisations are the blend of collective effort and shared
responsibility. It aimed at uplifting communities and promoting self-reliance.
The cooperative business structure can help members build wealth and increase
in community's economic power. It also plays a vital role in the implementation
of development plans. Cooperative banks are very important for the effective
functioning of the banking system in India. They have a favourable influence on
socio, economic and financial well-being of individuals and hence, Co-operative
Banks can be regarded as the foundation of Viksit Bharat
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Pages:80-84
How to cite this article:
Lutfun Nesha "Cooperative banks – An instrument of viksit Bharat through socio-economic-financial development". International Journal of Commerce and Management Research, Vol 10, Issue 1, 2024, Pages 80-84
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