Question

The cooperative credit societies have a structure of

Answer 1

A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, arranging credit at competitive rates, and providing so many other financial services to its members.

The Co-operative Credit Institutions in India can be classified as under a three-tier structure.

(i) Primary Credit Societies at the bottom

(ii) Central Co-operative Bank at the middle

(iii) State Co-operative Bank at the top