Cooperative Banks in India are financial entities which are under the belonging of its own members who are at the same time the owner and customers which has been registered under the state cooperative societies Act.
Also these Cooperative Banks are regulated by Reserve Bank of India and were governed by banking regulation Act 1949, Banking Laws Act 1955, and there are a total 31 Cooperative Banks in India, which are individually under by Government Firms to provide service to their employees.
These Cooperative banks let you keep deposits, get loans and provide various financial services for their cooperatives or members of the society.
Features of Cooperative Banks
There are different services which Cooperative Banks provide to their own customers of which few are listed here that might give you a glance of working of Cooperative Banks in India.
- Cooperative Banks customers are both the owner and customer of that Cooperative Bank.
- The head of Cooperative Bank is elected by board of directors and owned by member itself
- Member of Cooperative Banks get equal right of vote as principle of “One Person, One Vote”
- Cooperative Banks have played a significant role in financial inclusion for un banked rural masses
- The profit of banks is equity shared with member based on legal and statutory limitations
- They offer highest rate of interest on their deposits
- They have brought productive borrowing in place of UN-discouraged unproductive borrowing
Cooperative Banks in India
| Co-Operative Sector Banks | Contact Email | Associated Web Address |
|---|---|---|
| Abhyudaya Co-op. Bank Ltd. | abhyudayabank.co.in | |
| Adarsh Co-operative Bank Ltd | adarshco-operativebank.com | |
| Apna Sahakari Bank Ltd. | apnabank.co.in | |
| Bassein Catholic Co-op. Bank Ltd. | bccb.co.in | |
| Bombay Mercantile Co-op. Bank | md@bmcbank.co.in | bmcbankltd.com |
| CITIZENCREDIT Co-op. Bank Ltd. | citizencreditbank.com | |
| GP Parsik Sahakari Bank Ltd. | gpparsikbank.com | |
| Jalgaon Janata Sahakari Bank Ltd. | jjsbl.com | |
| Janakalyan Sahakari Bank Ltd. | sgdate@jksbl.com | jksbl.com |
| Janata Sahakari Bank Ltd. | ceo@janatabankpune.com | janatabankpune.com |
| Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd | NA | |
| Mahesh Sahakari Bank Ltd., | maheshbankpune.com | |
| Nagpur Nagarik Sahakari Bank Ltd. | nnsbank.co.in | |
| New India Co-op. Bank Ltd. | newindiabank.in | |
| Nutan Nagarik Sahakari Bank Ltd. | nutanbank.com | |
| Punjab & Maharashtra Co-op. Bank Ltd. | pmcbank.com | |
| Rajkot Nagarik Sahakari Bank Ltd. | rnsbindia.com | |
| Sharad Sahakari Bank Ltd. | ho@sharadbank.com | sharadbank.com |
| The A.P. Mahesh Co-op. Urban Bank Ltd. | md@apmaheshbank.com | apmaheshbank.com |
| The Adarsh Co-op. Urban Bank Ltd. | adarshbank.com | |
| The Bharat Co-op. Bank (Mumbai) Ltd. | ceo@bharatbank.co.in | bharatbank.com |
| The Chitanavispura Sahakari Bank Ltd | NA | |
| The Cosmos Co-op. Bank Ltd. | cosmosbank.com | |
| The Deccan Merchants Co-op. Bank Ltd. | co@deccanbank.com | deccanbank.com |
| The Gayatri Co-op. Urban Bank Ltd. | gayatribank.in | |
| The Greater Bombay Co-op. Bank | greaterbank.com | |
| The Jalgaon People`s Co-op. Bank Ltd | NA | |
| The Kalupur Commercial Co-op. Bank Limited | kalupurbank.com | |
| The Kalyan Janata Sahakari Bank Ltd. | kalyanjanata.in | |
| The Karad Urban Co-op. Bank Ltd | karadurbanbank.com | |
| The Khamgaon Urban Co-op. Bank Ltd. | NA | |
| The Mahanagar Co-op. Bank Ltd | mahanagarbank.com | |
| The Municipal Co-op. Bank Ltd. | municipalbankmumbai.com | |
| The North Kanara GSB Co-op. Bank Ltd. | nkgsb-bank.com | |
| The Pochampally Co-op. Urban Bank Ltd. | pochampallybank.com | |
| The Saraswat Co-op. Bank Ltd. | saraswatbank.com | |
| The Surat People`s Co-op. Bank | spcbl.com | |
| The SVC Co-op Bank Ltd | svcbank.com | |
| The Urban Co-op. Bank Ltd. | NA | |
| The Visakhapatnam Co-operative Bank Ltd. | vcbl.in | |
| The Zoroastrian Co-operative Bank Limited | zoroastrianbank.com | |
| TJSB Sahakari Bank Ltd. | tjsb.co.in |
- What type of Cooperative Banks in India does exist?
There are three different types of Cooperative Banks in India based on their operating criteria as Primary Credit Societies, State Co-operative Banks and Central Cooperative Banks, and these Banks are organized at different levels from District, Town and State level as per their requirement in surroundings.
- Why are Cooperative Banks in India important?
The function of Cooperative Banks in India is to provide loans to primary Cooperative Societies and loans are given to individuals as well, and the capital of central Cooperative Banks in India is increased by their own funds, borrowings, deposits and their respective courses.
- Is Cooperative Banks in India Safe for investment?
If you're paying for an investment and then indeed expecting some returns, then the commercial or private banking sector is best for this purpose, and the use of Cooperative Banks in India is not for much insurance amount and thus they are preferred if you're on a path for higher investment returns.