Characteristics of cooperatives?
A cooperative is a member-owned business organization with at least five members. Each shareholder is expected to help run the cooperative.
Various farm agencies along with supportive individuals were responsible for the formation of civil cooperatives but earlier cooperatives were started within local communities as a way to help one another survive as farmers. Farm cooperatives have been a major component of agricultural progression in society.
Credit cooperatives are the oldest and most numerous of all the types of cooperatives in India. The cooperative credit institutions in the country may be broadly classified into urban credit cooperatives and rural credit cooperatives. There are about 2090 urban credit cooperatives and these societies together constitute for about 10 percent of the aggregate banking business and therefore regarded as an important segment of the banking system. The urban credit cooperatives are also popularly known…