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| SITEMAP | BANK
HOLIDAYS | RECRUITMENT | ANNOUNCEMENTS
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| Co-operative
Banking |
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| Banking
History: |
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| The
concept of co-operative banking originated in the late 1800's in the form
of pooling of resources by groups of people to finance their economic
activities. Some persons with surplus funds deposited them in the
pool, while others in need of funds for personal and business pursuits,
drew on the pool to finance their activities. |
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course of time, co-operative societies were formed and came to be known as
"Co-operative Credit Societies". The Government of India
passed the Co-operative Societies Act,1904 in order to regulate these
institutions, accord them legal shape and status and protect members'
interests. |
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the Co-operative movement increased in popularity, Co-operative Societies
expanded their sphere of activities, focussing on consumer and banking
areas. Co-operative banks are an integral part of the Indian Banking
scenario today. As on June 30, 2000, statistics show 2,064 Urban
Co-operative Banks with a network of nearly 7,000 branches, total deposits
of around Rs.70,000 crores, and advances of around Rs.46,000 crores.
Of this total number, 1,499 banks - that is nearly 73% - are profit-making
banks. |
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| CITIZENCREDIT
Bank has a niche position among the profit-making co-operative
banks. It has enjoyed this frontline status since 1984, in
recognition of which it has earned an "A" rating from the
Reserve Bank of India. This rating signifies all-round excellence in
banking operations, which has been awarded to the Bank annually since
1984. |
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