Subbarao warns against casino banking
The experience of the 2008 global credit crisis has in fact generated serious thinking about cooperatives as a bulwark for financial stability as they do only basic banking and do not indulge in investment banking or trading, thus are not dependent on bulk or wholesale markets for funding, he said.
Noting that globally the cooperative movement covers over a billion people, he pointed out that India, China and the US have the largest number cooperative memberships, while Germany, France, the Netherlands and Italy lead in the number of cooperative banks.
With around 6 lakh cooperatives, India has the largest cooperative movement in the world.
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