Read the following source and answer the questions that follow:
Loans from Co-operatives
Besides banks, the other major source of cheap credit in rural areas are the co-operative societies. Members of a co-operative pool their resources for co-operation in certain areas. There are several types of co-operatives possible such as farmers co-operatives, weavers co-operatives, industrial workers co-operatives etc. Krishak Co-operative functions in a village not very far away from Sonpur. It has 2300 farmers as members. It accepts deposits from its members. With these deposits as collateral, the co-operative has obtained a large loan from the bank. These funds are used to provide loans to members. Once these loans are repaid, another round of lending can take place. Krishak Co-operative provides loans for the purchase of agricultural equipment, loans for cultivation and agricultural trade, fishery loans, loans for construction of houses and for variety of other expenses.
Which sector includes credit facilities offered by Cooperative Societies?
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Solution and Explanation
How do Self-Help Groups access external funding?
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Solution and Explanation
Explain the functioning of Co-operative Societies.
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Solution and Explanation
- Member Contribution: Members of a co-operative society contribute savings which act as deposits. These deposits serve as collateral to secure loans from banks.
- Loan Distribution: The funds obtained from banks are used to provide loans to members. These loans can be for various purposes, such as agricultural activities, purchasing equipment, or constructing houses.
- Repayment and Re-lending: Once the loans are repaid, the funds are recycled and used for further lending. This cycle of deposit, lending, and repayment allows for continuous financial support for members.
- Co-operative Governance: These societies are governed by elected representatives of their members, and profits are shared among the members.
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