Question:
In which year “The Co-operative Credit Societies Act” was passed?
(A) 1901
(B) 1903
(C) 1904
(D) 1907
Answer : (C) 1904
“The Co-operative Credit Societies Act” was passed in the year 1904.1
Historical Context
This was a landmark piece of legislation in British India, enacted during the viceroyalty of Lord Curzon. It was the first formal step taken by the government to establish and legally recognize cooperative societies in the country.2
The primary objective of the act was to encourage thrift and self-help among the agricultural community. It aimed to establish cooperative credit societies that could provide small loans to farmers at low-interest rates, thereby protecting them from the exorbitant rates charged by traditional moneylenders. 🤝