Cooperatives play an important role in the socio-economic development of rural masses. A small beginning was made with the enactment of first Cooperative Credit Societies Act in 1904 and now the cooperative movement has completed a century. In order to increase the tempo of economic development through financial stability of the cooperatives in general and cooperative credit societies in particular, steps had been taken to promote the development of various types of economic activities in the sphere of cooperation both in rural and urban areas. However, the financial stability of these societies has a direct bearing to the extent of mobilization of deposits and the collection of loans before they become overdues. If the overdues are not kept under control, they will have a crippling effect of curtailing the ability of the societies to recycle the funds and expand their business. Co-operatives all over the world have become an effective and potential instrument of economic development. There is not a single major sphere of economic activity which has not been touched by Co-operatives. Co-operatives are also envisaged as an instrument for implementing many important policies like agricultural credit, urban credit, market intervention, price support for agricultural commodities through Co-operative wholesale stores, public distribution system
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