CO-OPERATIVE BANKS IN THE STATE OF JAMMU & KASHMIR: AN OVERVIEW

Abstract

At national level, the first co-operative legislation was enacted in the shape of the Co-operative Credit Societies Act, 1904 and subsequently Co-operative Society Act, 1912 was also enacted, however, these laws were not applicable to the State of Jammu and Kashmir. Based on these legislations, Jammu and Kashmir Co-operative Societies Act of 1913 became first law on the co-operative movement in the State. The legal framework was further updated in 1936, 1960 and 1989. The Jammu and Kashmir Self Reliant Co-operative Act of 1999 marks quantum leap towards a reformed and self-reliant co-operative system based within the parameters of the latest co-operative principles enunciated by the International Co-operative Alliance. At present, there are two legislative frameworks in the State of Jammu and Kashmir pertaining to the Co-operative movement. One is the Jammu and Kashmir Co-operative Societies Act, 1989 and the other is the Jammu and Kashmir Self Reliant Cooperative Act, 1999. This paper provides a complete insight into the total business of cooperative banks, number of employees in co-operative banks, and branches of co-operative banks in the State of Jammu and Kashmir.