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Cooperative societies play a vital role in providing cheap credit in rural areas. By pooling resources from their members, cooperatives like the Krishak Cooperative offer loans for various agricultural and personal needs, thereby fostering community support and financial access for farmers.
Cooperatives are crucial sources of affordable credit in rural areas, allowing members to pool resources for mutual benefits. These societies exist in various forms, including farmers, weavers, and industrial workers cooperatives. An example is the Krishak Cooperative, which comprises 2,300 farmers and accepts member deposits to secure loans from banks. These funds are then allocated to various needs, such as purchasing agricultural implements and funding cultivations. The cooperative model promotes self-reliance and fosters community support among members, enabling them to achieve financial goals while also providing an alternative to traditional moneylenders.
Cooperative: A member-owned organization that pools resources for mutual benefit.
Collateral: Security pledged for the repayment of a loan.
Affordable Credit: Lower interest loans essential for economic growth and development.
Co-ops are pals who lend to each other, pooling funds like sisters and brothers!
Once upon a time, a group of farmers pooled their money, and they all prospered with loans for their crops. They worked together and shared the profits, showing the strength of community.
C.C.C. - Cooperatives Create Cooperation!
Krishak Cooperative provides loans for agricultural needs, allowing farmers to buy seeds and equipment.
A cooperative can serve various sectors, including weavers or industrial workers, highlighting versatility.
Term: Cooperative Society
Definition: An organization owned and run jointly by its members, who share the profits or benefits.
An organization owned and run jointly by its members, who share the profits or benefits.
Term: Collateral
Definition: An asset used as a guarantee for a loan, which can be claimed by the lender if the loan is not repaid.
An asset used as a guarantee for a loan, which can be claimed by the lender if the loan is not repaid.