Rajasthan has the following co-operative Banks:
1. Rajasthan State Co-operative Bank/Apex Bank:
A committee set up by Reserve Bank under the chairmanship of ‘Shri Kothari’ recommended to establish this bank for cooperative development. This bank provides economic assistance to the farmers, rural people and other needy persons by making available financial resources.
Following are the important functions performed by the bank:
1. To expand the cooperative credit system in the state.
2. To provide short – term and mid-term loans to the central co-operative bank (crop loan of Rs. 3 lakh at 7% rate of interest can be made).
3. It serves as a link between Reserve Bank, NABARD and Central Cooperative Banks of the state.
4. It maintains the financial balance between different central Co-operative banks.
5. To extend loans to non – agricultural cooperative societies in addition to agricultural cooperative credit societies.
6. It collects Bills of Exchange and cheques, etc.
7. It accepts deposits at attractive interest rate through various accounts.
8. To offer loan and an overdraft facility to the members and deposit holders.
9. Providing facility of vaults (lockers) for the safe custody of valuables.
2. Central Co-operative Bank:
These are set up at the district level. It came into existence in the year 1910 in Ajmer. These banks did not register significant growth prior to independence. After Independence, the planned economic development policy was adopted by the government. Presently, there are 29 central Co-operative banks with 429 branches and 6231 village services.
Primary Agricultural Credit Societies:
Primary agricultural credit societies epitomize the vitality and service potential of the Co-operative movement in India. These societies are the powerful medium of encouragement to thrift and savings and mobilising savings in rural areas. In Rajasthan, the number of Primary Agricultural Co-operative Credit societies is 6231.
Functions of PACs:
1. To provide short – term/mid-term credit to farmers, artisans, landless farmers, agricultural labourer and other weaker sections of the society.
2. They supply agricultural inputs like seeds, fertilizers, pesticides, etc.
3. They promote savings and banking habit among the rural public.
4. It provides proper guidance and advice to farmers and other members.
5. It makes available consumer goods at fair prices.
