Economics (NTSE/Olympiad)  

3. Money and Credit

Loans From Cooperatives

Loans From Cooperatives
I. Aims :
The main aim of these societies is to give short period and medium term loan to its member. These societies encourage the habit of thrift among its member.
II. Finance :
To run their affairs, these societies procure credit from various sources. These sources may be divided into two parts.
(a) Internal Sources : There are many sources such as entry fee, share capital, deposits of members & reserves.
(b) External sources : The government, central financial institutes, Reserve Bank of India and other external sources.
III. Loans :
These societies give short period loans to their members for productive purposes. The society can also give, upto certain limit, medium period loans.
Central Co-operative Bank :
These banks were established according to the Co-operative Societies Act, 1912.
Functions :
(a) These banks give interest-free loan to the primary Agricultural societies, but from others interest is charged.
(b) These banks also perform general banking function such as to accept deposit from the people, transfer of money etc.
(c) These banks help the primary societies in solving their problems.

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