100 Years Cooperatives Credit Societies act India 1904 : A World Wide Applied Model of Cooperative Legislation

Abstract

The Centenary of the Indian Co-operative Credit Societies Act of 1904 was celebrated in different parts of India in so many ways. The 1904 Act, passed by the then British Government, was a unique piece of legislation aimed at introducing in the rural areas, Reiffeisen type of co-operative credit societies with limited liability. This was done with the objective of reducing poverty and indebtedness as well as the despair and social unrest among the local population. Although, there were informal voluntary groups for self-help and savings in India, they were scattered and did not have enough strength to solve the tremendous problem of poverty and indebtedness.