Gk general studies optional notes for upsc ias banking civil services. They have achieved many landmarks since their creation and hav.
In april 2019 vijaya bank and dena bank were merged with bank of baroda.
Cooperative banks in india. Co operatives banks on the other hand are co operative organisations. History of co operative banks in india. India is home to numerous cooperative banks.
Co operative banks are governed by the co. The cooperative banks that are members of the european association of co operative banks have 130 million customers 4 trillion euros in assets and 17 of europes deposits. Cooperative bank is an institution established on the cooperative basis and dealing in ordinary banking business.
On 30 august 2019 union finance minister nirmala sitaraman announced merger of six public sector banks psbs with four better performing anchor banks in order to streamline their operation and size two banks were amalgamated to. The cooperative banks however differ from joint stock banks in the following manner. We may distinguish between co operative banks and commercial banks on the following counts.
Cooperative banks in india have become an integral part of the success of indian financial inclusion story. In 2019 these top 10 cooperative banks will shape the way indians save and invest their money. The cooperative movement was started in india to encourage and promote savings and mortgage in order to help for the development of people with few resources such as farmers artisans and other segments of society.
Commercial banks are governed by the banking regulation act. Opening an account with cooperative banks is often better since they offer slightly higher interest rates and have lucrative schemes. The international confederation of cooperative banks cibp is the oldest association of cooperative banks at international level.
The need of co operative banks in india is much important to support the financial requirements of the people. Like other banks the cooperative banks are founded by collecting funds through shares accept deposits and grant loans. To provide a much established support to every person in the country and for the development of the nation co operative banks are categorized at various dimensions and at various levels.
Categories of co operative banks. Commercial banks are joint stock banks.