Top 10 Co-Operative Banks in India 2024

The role of cooperative banks in a rapidly growing nation like India is of immense significance. The cooperative banking sector has played a pivotal role in uplifting the socio-economically underprivileged strata of the Indian populace. Initially established with the noble objective of liberating the destitute from the clutches of unscrupulous moneylenders who demanded exorbitant interest rates, cooperative banks have been instrumental in providing credit to their members. The Cooperative Society Act, enacted during the early 20th century, facilitated the formation of cooperative organizations, further cementing the vital role played by these banks in India’s economic and social development.These regional organizations were completely dedicated to serving the local community. Over time, the cooperative societies thrived and gained the prestigious reputation of being recognized as banks. As a result, certain conditions laid out in the Banking Regulations Act were imposed on the cooperative societies, leading them to transform into cooperative banks of India.