Profitability Analysis of cooperative Banking in India

Profitability Analysis of cooperative Banking in India
(A comparative study of short – medium and long term financing Institutions)

Chapter 2
Research Methodology & Literature review

The present chapter explains the need, objectives, chapter scheme, scope, time period, sample and the techniques used for data analysis in the study. The limitations of the study have also been discussed. Cooperative credit institutions are an important constituent of Indian financial sector in general and the banking sector in particular. Cooperative movement in India is the largest movement. There has been significant growth of cooperative credit sector in India. But the problem is that the success of cooperative movement depends much upon the efforts made by the government as its control and monitoring stays with the governmental agencies and as such it cannot be characterized as a people’s movement.
Research Methodology
Research Methodology is the systematic, theoretical analysis of the methods applied to a field of study, or the theoretical analysis of the body of methods and principles associated with a branch of knowledge. [1] It, typically, encompasses concepts such as paradigm, theoretical model, phases and quantitative or qualitative techniques. A methodology does not set out to provide solutions but offers the theoretical underpinning for understanding which method, set of methods or so called “best practices” can be applied to a specific case. [2] It has been defined also as follows:
"The analysis of the principles of methods, rules, and postulates employed by a discipline"; "The systematic study of methods that are, can be, or have been applied within a discipline"; "The study or description of methods" [3] Generally speaking, methodology does not describe specific methods, even though much attention is given to the nature and kinds of processes to be followed in a particular procedure or in attaining an objective. [4] When proper to a study of methodology, such processes constitute a constructive generic framework; thus they may be broken down in sub-processes, combined, or their sequence changed. In recent years, the word methodology has become a "pretentious substitute for the word method". [5] There are distinctions between methodology and methods; methodology is the research strategy that outlines the way one goes about undertaking a research project, whereas methods identify means or modes of data collection. [6] Many recent uses of the word methodology mistakenly treat it a synonym for method or body of methods. Doing this shifts it away from its true epistemological meaning and reduces it to being the procedure itself, the set of tools or the instruments that should have been its outcome. A methodology is the design process for carrying out research or the development of a procedure and is not in itself an instrument for doing those things.
Using it as a synonym for method or set of methods, leads to misinterpretation and undermines the proper analysis that should go into designing research. Generally for any research study both primary and secondary researches are done which facilitates in the better understanding of the entire study. Primary research helps garner relevant and adequate data of the current state of affairs pertaining to any subject and provides an insight into the exact nature of the problem. Owing to the broad and complex nature of this research topic which would require delving into many aspects of the study including an ethnographic study which would in turn include a longitudinal time horizon which cannot be possibly encompassed within this research as it goes "[5]
Objectives of study
The overall study objective is to formulate a broad planning and development framework for setting out guidelines and standards for more effective and comprehensive planning for pedestrians at different levels of planning, based on which conceptual Pedestrian Plans would be prepared for application and assessment of broad impacts and implementation mechanisms of the pedestrian planning proposals.  The researcher has identified the following objectives as a part of the study:
Primary Objective:

To investigate the Profitability Analysis of cooperative Banking in India (A comparative study of short – medium and long term financing Institutions)

Secondary Objectives:

1. To study the progress of selected cooperative Banks in India
2. To know the growth of membership and share capital in the selected cooperative Banks in India
3. To analyze the growth and composition through various profitability ratios in selected cooperative Banks in India
Scope of Study

The scope of study is mentioned below:
·         This study covers financial year 2003 to 2012
·         The study covers only selected cooperative Banks in India
·         It does not cover those cooperative Banks which are working in India but registered elsewhere in the world.
·         This study enables the researcher to improve the knowledge about the banking sector, specifically on profitability study.
·         This study also enables the banks to know its actual position on profitability management during the last ten years.
“A hypothesis is a special proposition, formulated to be tested in a certain given situation as a part of research which states what the researcher is looking for”. (7)  In  the  research  study,  two  hypothesis  have  been  tested,  these  are  as  under  :
Hypothesis based on Chi – square test.
Chi-square test is useful for inter comparison.  For  establishing  casual  relationship  regression  line  of  variable  “Y”  on  variable  “X”  has  been  calculated  and  with  the  help  of  regression  equation  of  “Y”  on  “X”  calculated  value  of  ‘ Yc ‘  has  been  computed  for  appropriate  variables.  As  per  the  statement  of  Null  Hypothesis  (Ho)  “ There  is  no  significant  difference  between  actual  and  computed  variables  on  the  regression  line  in  selected  cooperative Banks”.  If  the  calculated  value  of  Chi – square  (x2)  is  higher  than  the  table  value  of  Chi – square,  the  arising  differences  are significant  and  hence  Null  Hypothesis  is  rejected  otherwise  accepted.
Alternative  Hypothesis  (Hi)  :   The  statement  of  Alternative  hypothesis  describe  as  “There  is  significant  difference in actual  and  computed  variables.  If  the  Null  Hypothesis  is  accepted,  the  Alternative  Hypothesis  will  be  rejected  or  vice – versa.
Hypothesis based on Kruskal Wallis   :
“This test is the rank randomization analogue of the observation randomization test” (8)
Testing of Hypothesis
One way analysis of variance test:
It is useful for inter-unit comparisons. The following null and alternative hypothesis has been tested on the basis of kruskal Wallis one way analysis of variance test.
Null Hypothesis (HO)            :
There is no significant difference between the productivity ratios of the units or all the ratio of the selected Cooperative banks come from identical populations. The acceptance of the null hypothesis would suggest that there is no significant difference between the productivity of the selected units which means that the productivity ratios of the units came from identical populations. In contrast, the rejection of the null hypothesis will reveal that there is significant difference between the productivity ratios of the units, suggesting the usefulness of comparisons. The level of significance used in this case will also be at 5 percent, while degree of freedom will (total no. of units – 1) or (10 – 1 = 9) in the present study. As per empirical study the self existing assumptions are as under:
1.      The Data of Cooperative banks drawn by the Postulate,  However  it  is  Possible  to  sketch  conclusions  of  the  individual  company.
2.      There  are  certain  controllable  and  uncontrollable  factors  which  affect  the  profits  of  the  Cooperative banks.  It  is  hypothesized  and  by  controlling  the  controllable  factors,  the  Cooperative banks  can  justify  the  profit  performance.

Sources of data collection
The study focuses on entire condition of nonperforming assets of co-operative banks.  As the researcher had to go for descriptive type of Research work, for collecting primary data
Primary Source:-
Primary data have been collected through discussions with managerial personnel, executives and staff of the selected cooperative Banks in India.
Secondly, for the collection of secondary data
Secondary Sources:-
Secondary data are taken from annual reports, Balance Sheets, Profit & Loss Accounts of the selected cooperative Banks in India, internal circulated matter from RBI, RBI’s Guidelines, and Trend & Progress reports of RBI, Co-operative journals, and co-operative diary and from the web sites available on the Internet.
Scheme of Proposed Work
In the proposed research work there are nine chapters namely;
Chapter 1 Includes Introduction, Role of Banks in Economic Development, Functions of cooperative Banks,Problems of Co-operative Banks, India’s Policy of banking development, Issues in Banking Sector reforms etc.
Chapter 2 Includes Research Methodology, Objectives of Study, Scope of study, Hypothesis, testing of hypothesis, sources of data collection, review of literature and scheme of proposed work
Chapter 3 Includes Analysis of Income Interest Income Other Income Discount, Income of Investment, Commission and brokerage, Sale of Investment, Revaluation of Investment, Sale of land and building, Exchange Transaction, Income earned by dividend

Chapter 4 Includes Analysis of expenditure, Interest expended, Interest of deposits, RBI/Interbank borrowing or other Provision and contingencies Operating expenses, Establishment expenses, Rent taxes and lighting, Printing and stationary, Advertisement and Publicity, Depreciation, Director’s fees, Auditor’s fees, Law charges, Postage and Telegram, Repair & Maintenance, Other expenditure, Insurance

Chapter 5 Includes Operating Profit Analysis

Chapter 6 Includes Net Profit Analysis

Chapter 7 Includes Profitability of Branches, Percentage of spread to volume of credit business, Average spread per branch, Average burden per branch, Average profit per branch

Chapter 8 Includes Financial Ratio Analysis, Operating Ratio Analysis, Net Profit, Income, and Interest Income, Other Income, Expenditure, Interest Expended, Operating Expenses, Wage Bill, Provision & Contingencies, Spread (Net Interest Income)

Chapter 9 Includes Conclusion

Research Analysis
Growth Rate Analysis:
Growth rate analysis was employed to study the changeover a period in the selected performance indicators related to the urban cooperative banks. The growth rates of different indicators were computed by employing the following Exponential Function:
Y = AB'
Where Y = Dependent Variable (Performance Indicator)
A = Constant (Y intercept)
B = Slope Parameter (Growth Rate)
x = Time (No. of years)
In order to obtain the discrete or an effective growth of different variables, the computed continuous growth rates were further compounded over the appropriate period. The compound growth rates were worked out by using the following equation:

r = ca - 1
Where r = Compound Rates of Growth
c = Natural log
13, = Slope Parameters (Linear Growth Rates)
Ratio Analysis:
The Balance Sheet and the Income Statement (Profit and Loss Account) are the key financial statements of every banking institution. These statements furnish a summarized view of the financial position and the operation of a bank. A careful examination of the financial statements can impart a lot about the performance. Ratio analysis is one of the most significant tools in the hands of the bankers for evaluating the performance of the banks. Some of the relevant financial ratios were employed to examine the liquidity, productivity and profitability performance of the urban cooperative banks.
Liquidity Ratios:
Liquidity ratios indicate the short term financial position as well as short term and long term solvency position of the banks. These ratios are used to measure the ability of a bank to posse’s adequate cash to meet immediate obligations. The following liquidity ratios were employed:
Liquid Assets to Total Assets Ratio (%): = liquid assets / short-term liabilities
Components: The liquid assets included cash-in-hand, cash balances with other banks, short term deposits and call deposits. Total assets included cash and balances with other banks, investments, advances, fixed assets and other assets.
Liquid Assets to Total Deposits Ratio (%):
This Financial Soundness Indicators is calculated by using the core measure of liquid assets as the numerator and total assets as the denominator. The ratio can also be calculated using the broad measure of liquid assets as the numerator. This Financial Soundness Indicators is a liquid asset ratio, which provides an indication of the liquidity available to meet expected and unexpected demands for cash. The level of liquidity indicates the ability of the deposit-taking sector to withstand shocks to their balance sheet.

Net Liquid Assets= Liquid Financial assets – Current Liabilities
Components: The liquid assets included were: cash-in-hand, cash balances with other banks, short term deposits and call deposits. Total deposits include all types of deposits accepted by the banks.
Cash Assets to Total Deposits Ratio (%):
Cash Assets x 100
Total Deposits

Components: Cash assets included cash balances with other banks. Total deposits included all types of deposits accepted by the banks.
Owned Funds to Borrowed Funds (%):
Owned Funds x 100
Borrowed Funds
Components: Owned Funds included share capital, profit and loss account credit balance, reserves and surplus and overdue interest reserves. Whereas borrowed fund included all types of deposits, borrowings and other current liabilities and provisions
Productivity Ratios:
These ratios are used to measure the efficiency in asset management, operating efficiency and ability to ensure adequate return to its shareholders. The following ratios were employed to assess the productivity of the urban cooperative banks.
Credit -Deposit Ratio (I/O):
This ratio of credit advanced to deposits mobilized is defined as a credit-deposit ratio. This ratio indicates the extent overutilization of resources by the banks.
Advances outstanding x 100
Deposits outstanding
Non-Performing Assets to Total Advances Ratio (%)
Non-Performing Assets x 100
Total Advances
Components: The portion of the bad and doubtful assets (advances) as disclosed by the banks was taken as non-performing assets. Total advances included long term, medium and short term advances.
Other Income Ratio (%):
Other Income x 100
Total Income
Components: Other income included commission and exchange and all other receipts. Total income included interest and other income.
Expenses Ratio (%):
Total Non-Interest Expenses x 100
Total Income

Components: Total non-interest expenses included both manpower and other total establishment expenses. Total income included interest and other income.
Cost of Deposits and Borrowings Ratio (%):
Total Interest paid on Deposits and Borrowings x 100
Total Deposits and Borrowings

Components: The items of expenses included in total interest paid on deposits and borrowings are interest paid on deposits, borrowings and commission paid to various deposits collecting agents.
Yield on Advances Ratio (%):
Total Interest received on Advances x 100
Total Advances

Average Business per Employee:
Average Total Business x 100
No. of Employees

Components: Average total business included both average deposits and average advances. Average deposits and average advances are worked out considering previous year and current year figures of deposits and advances respectively. Total number of employees included total number of officers as well as all subordinate staff.
Return on Total Assets (%):
Net Profits x 100
Total Assets
Profitability Ratios:
For analyzing the profitability performance of the banks, the ratios developed in the analytical framework for profit management in the banks by Varsha S. Varda and Sampat P. Singh of National Institute of Bank Management were employed with necessary modification. These ratios were derived by relating various components of profit and loss account statement to a common denominator i.e. volume of business.
Limitations of the Study
Sincere efforts have been made to make the present study a suitable representative in its related area but still some limitations have been encountered, which are as follows:
1. The study is based on primary and secondary data and the limitations of using such data may affect the results.
2. The primary data has been collected for the study through a predesigned questionnaire which carries all the limitations inherent with such data as here it is important to note that perceptions of the respondents in the selected sample may be influenced by the knowledge, experience and attitude of individuals.
3. As the size of the population is very large, therefore, the sample has been drawn on convenience and judgment basis. So, the shortcomings inherent in this method of sampling may creep into the sample used in the study.
4. The beneficiaries of only ten states were selected for the present study. As a result, the generalizations of the findings of the present research should be considered carefully.
Review of Literature
Literature means various pieces and angles of writing and a body of literature refers to all the published writing in a particular style on a particular subject. In research, a body of literature is a collection of published information and data relevant to a research question.  A review of the literature is an essential part of your academic research project. The review is a careful examination of a body of literature pointing toward the answer to your research question. Literature reviewed typically includes scholarly journals, scholarly books, authoritative databases and primary sources. Sometimes it includes newspapers, magazines, other books, films, and audio and video tapes, and other secondary sources.
Primary sources are the origin of information under study i.e. fundamental documents relating to a particular subject or idea. Often they are firsthand accounts written by a witness or researcher at the time of an event or discovery. These may be accessible as physical publications, as publications in electronic databases, or on the Internet. Secondary sources are documents or recordings that relate to or discuss information originally presented elsewhere. These, too, may be accessible as physical objects or electronically in databases or on the Internet. All good research and writing is guided by a review of the relevant literature. Your literature review will be the mechanism by which your research is viewed as a cumulative process. That makes it an integral component of the scientific process. 
Various studies conducted and numerous suggestions were sought to bring effectiveness in the working and operations of financial institutions.
Narsimham Committee (1991) emphasized on capital adequacy and liquidity, Padamanabhan Committee (1995) suggested CAMEL rating (in the form of ratios) to evaluate financial and operational efficiency, Tarapore Committee (1997) talked about Non-performing assets and asset quality, Kannan Committee (1998) opined about working capital and lending methods, Basel committee (1998 and revised in 2001) recommended capital adequacy norms and risk management measures. Kapoor Committee (1998) recommended for credit delivery system and credit guarantee and Verma Committee (1999) recommended seven parameters (ratios) to judge financial performance and several other committees constituted by Reserve Bank of India to bring reforms in the banking sector by emphasizing on the improvement in the financial health of the banks. Experts suggested various tools and techniques for effective analysis and interpretation of the financial and operational aspects of the financial institutions specifically banks. These have focus on the analysis of financial viability and credit worthiness of money lending institutions with a view to predict corporate failures and incipient incidence of bankruptcy among these institutions.
Bhaskaran and Josh (2000) (9) concluded that the recovery performance of co-operative credit institutions continues to be unsatisfactory which contributes to the growth of NPA even after the introduction of prudential regulations. They suggested legislative and policy prescriptions to make co-operative credit institutions more efficient, productive and profitable organization in tune with competitive commercial banking.
Jain (2001)  (10) has conducted a comparative performance analysis of District Central Co-operative Banks (DCCBs) of Western India, namely Maharashtra, Gujarat and Rajasthan and found that DCCBs of Rajasthan have performed better in profitability and liquidity as compared to Gujarat and Maharashtra.
Singh Fulbag and Singh Balwinder (2006) in their study Funds Management in Central Cooperative Banks- Analysis of Financial Margin” attempted to estimate the impact of identified variables on the financial margin of the central cooperative banks in Punjab with help of correlation and multiple stepwise regression approach. The ratio of own funds to working funds and the ratio of recovery to demand were observed to be having positive significant influence on financial margin, whereas over dues to total loans were found to be negatively associated with the concerned parameter. A high percentage of own funds and timely recovery of previous loans outstanding, as a source of funding new loans by the bank, increased the financial margin in these banks.
Mukul G. Asher (2007) (11)  in his article Reforming Governance and Regulation of Urban Cooperative Banks in India argued a case for a paradigm shift in the way urban cooperative banks (UCBs) are managed, governed, and regulated in India to enable them to enhance their contributions to achieving greater degree of financial inclusion, and more broad based growth. The research finds that if the UCBs are to remain relevant and play a significant developmental role in India, they will require same quality of governance and regulation as well as professionalism and modernization as the mainstream commercial banks. The governance and regulatory structures need to be brought in conformity with India's current and prospective economic structure; and relevant laws modernized. This requires a paradigm shift in the role of UCBs.
Shah Deepak (2007) (12)  investigated on a case study of Sangli and Buldana District Central Cooperative Banks regarding the financial health of credit cooperatives in Maharashtra and found NPA or over dues as main culprit for deterioration in health of these banks. The study revealed that both these banks showed a decline in their financial health and economic viability during the late nineties as against the early nineties period.
Dutta and Basak (2008) (13)  studied and suggested that Co-operative banks should improve their recovery performance, adopt new system of computerized monitoring of loans, implement proper prudential norms and organize regular workshops to sustain in the competitive banking environment.
Amit Basak (2009) (14) examined the case study on “Performance Appraisal of Urban Cooperative Banks: A Case Study” figured that though some UCBs have performed creditably in the recent years, a large number of them have shown discernible signs of weakness. The operational efficiency is unsatisfactory and characterized by low profitability, ever-growing Non-Performing Assets (NPAs) and relatively low capital base. In this context, this paper makes an attempt to examine the working and financial performance of the UCBs. To make the analysis, the author takes up the Contai Co-operative Bank Ltd., one of the leading UCBs in West Bengal for a case study. The objective of the study is to identify and analyze the trend, progress and problems of this bank, to throw light on the problems of swelling NPAs and to offer some meaningful suggestions for improving the efficiency and effectiveness of this bank. Relevant data have been collected for the period from 1995-96 to 2006-07. This data have been analyzed with the help of statistical tools like ratios, percentages, averages and trend analysis, chi-square test, and multiple regression analysis.
Chander and Chandel (2010) (15) analyzed the financial efficiency and viability of HARCO Bank and found poor performance of the bank on capital adequacy, liquidity, earning quality and the management efficiency parameters. The Haryana State Cooperative Apex Bank Ltd. commonly called as HARCOBANK occupies a vital position in the economy of Haryana State and has been financing farmers, rural artisans, agricultural laborers, entrepreneurs, etc. in the State and serving its depositors for the last 35 years. Haryana state co-operative Apex Bank Ltd ;( HSCB) had prepared in the past Development Action Plan (DAP) in accordance with the guidelines issued by NABARD. The basic objective of this DAP exercise was to identify the reasons standing in the way of the visibility of the HSCB The short term cooperative credit structure of HARCO BANK consists of three tiers:
·         State Level:13 branches and 2 extension counters at Chandigarh and Panchkula.
·         District Level:19 Central Cooperative Banks with their 594 branches working in the length and breadth of the State.
·         Patwar Circle Level:634 PACS (Mini Banks) catering to the financial needs of 30 lacs members who are residing, mostly, in the rural areas of Haryana.
Gurcharan Singh and Sukhmani (2011) (16) studied on “An Analytical Study of Productivity and Profitability of District Central Cooperative Banks in Punjab “focused on evaluating performance of cooperative banks in the state of Punjab. Six District Central Cooperation Bank (DCCBs) from the state of Punjab has been selected for the study. Their productivity and profitability have been studied for a period of nine years (1999-2000) (16) it is found that profitability in all selected DCCBs of Punjab had shown a negative trend whereas the productivity improved significantly over the period of study.
Ratna and K. Nimbalkar (2011) (17) analyzed on “A Study of NPA‟s -Reference to Urban Co-Operative Bank” Focused On urban co-operative banks facing keen competition with public sector banks and private sector banks, particularly after globalization in 1991. At the same time these banks are facing the problem of Non-Performing Assets also.
Rao (2007) (18)  examined the performance of cooperative through ratio analysis by using secondary data based on audited annual reports of the DCCB, ELURU, Andhra Pradesh covering the period of thirteen years from 1991-92 to 2003-04. Profitability ratios showed net profit over total income as well as total assets was 10% and net profit over spread was 80% productivity ratios showed deposit per employee and deposit per branch had lagged behind loans per employee and loans per branch. Hence at each branch level efforts should be initiated to mobilize deposits. Solvency position in largely analyzed through credit/deposit ratio which showed on the average credit stood Rs. 51 for every one rupee secured as deposits. Operational efficiency of the bank was satisfactory. A number of committees were constituted by Govt. of India to look into working of cooperatives and to make several recommendations to improve their heath and functioning, which showed that 44 per cent credit is given by cooperatives, 48 per cent by commercial Banks and rest is given by Regional rural Banks.
Dash (2003) (19)  revealed the financial performance of Nawanagar Cooperative Bank through ratio analysis by using secondary data based on financial statements and annual reports of the bank. The study revealed that financial performance of the bank was improved during the period of study. Operational ratio needs improvement. Profitability was also not satisfactory. Solvency ratios showed better solvency position which was attained by the continuous endeavor of the members, management and staff of the Bank. The study suggested the bank to give new dimensions to its functioning.
Govindarajan and Singh (2006) (20) analyzed the portability of the Tamil Nadu State Apex cooperative bank by using secondary data based on financial statements and annual reports of the bank. Study showed that profitability of the bank was declining year by year, so proper steps should be taken by the concerned quarters. Though cooperative banks are meant for service motive, they must also earn some profit for their existence.
Mavaluri, Boppana and Nagarjuna (2006) (21) suggested that performance of banking in terms of profitability, productivity, asset quality and financial management has become important to stable the economy. They found that public sector banks have been more efficient than other banks operating in India.
Pal and Malik (2007) (22) investigated the differences in the financial characteristics of 74 (public, private and foreign) banks in India based on factors, such as profitability, liquidity, risk and efficiency. It is suggested that foreign banks were better performers, as compared to other two categories of banks, in general and in terms of utilization of resources in particular.
Campbell (2007) (23) focused on the relationship between nonperforming loans (NPLs) and bank failure and argued for an effective bank insolvency law for the prevention and control of NPLs for developing and transitional economies as these have been suffering severe problems due to NPLs.
Singla (2008) (24) emphasized on financial management and examined the financial position of sixteen banks by considering profitability, capital adequacy, debt-equity and NPA. The study reveals that the profitability position was reasonable during the period of study when compared with the previous years. Return on Investment proved that the overall profitability and the position of selected banks were sustained at a moderate rate. With respect to debt equity position, it was evident that the companies were maintaining 1:1 ratio, though at one point of time it was very high.
Interest coverage ratio was continuously increasing, which indicated the company`s ability to meet the interest obligations. Capital adequacy ratio was constant over a period of time. During the study period, it was observed that the return on net worth had a negative correlation with the debt equity ratio. Interest income to working funds also had a negative association with interest coverage ratio and the Non-Performing Assets (NPA) to net advances was negatively correlated with interest coverage ratio.
Rao & Hanumantha (2008) (25) suggested that Co-operative banks should improve their recovery performance, adopt new system of computerized monitoring of loans, implement proper prudential norms and organize regular workshops to sustain in the competitive banking environment.
Nainta, R.P (2001) (26) has viewed that the deregulation of interest rate may affect the financial viability of co-operative banks. He opines that the government must prepare a new national policy on co-operatives with the help of academicians and thinkers.
Rao, Krishna and Rao (1990) (27) undertook a case study of Vijayawada District Central Cooperative Bank in which they studied the factors affecting deposits, advances and profits of that bank. They tried to ascertain the extent of the impact of certain important factors on key financial indicators of the bank under study with the aim to identify the strong and weak factors of growth.
Dayanandan and Kumar (1993) (28) evaluated the performance of Central Cooperative Banks of Kerala state and found that though the central cooperative banks achieved better performance in terms of share capital, membership, deposits and reserve funds, there was no corresponding achievement in the net profits during the study period because of high over dues of the banks.
Chellani (2008) (29) in a case study analyzed the pattern and composition of deposits of Baroda District Central Cooperative bank Ltd. and found that the share of deposits from individuals in total deposits remained around only one fifth till 2000. But it is raised up to two fifth at the end of 2007. He concluded that the proportion of fixed deposits in total deposits had been around four fifth.
Vijay Singh (2008) (30) appraised the financial performance of the Rohtak Central Cooperative Bank Limited (Haryana) and analyzed the deposits, advances and profitability position the bank. He found that the aggregate deposits of the bank increased with low growth rate and the bank did not make good performance in terms of credit advanced to the beneficiaries.
Biswa Swarup Misra (2009) (31) examined the performance of PACSs and observed that government’s contribution to the share capital of PACS is found to be detrimental to their recovery performance. He also observed that growth of membership size in the PACSs is another factor detrimental to recovery performance.
Sakthivel and Aranganathan (2010) (32) examined the working funds, loans portfolio, recovery performance and solvency position of the Salem District Central Cooperative Banks (SDCCB) and Cuddalore District Central Cooperative Banks (CDCCB). They found that there was no much difference in the extent of volatility in short term loans they also used loans between these banks while the medium term issued of SDCCB has been highly inconsistent as compared to that of CDCCB. They also used Altman Model (Z score) to study the solvency position of these two banks.
Das & Chaudhury (2011) (33) examined the performance of SCBs in the NER and also make a comparative study on the growth and financial performance of SCBs. They observed that SCBs in NER is not performing well at par with all India level. The SCBs in the NER suffers from low profitability and high NPAs which hinders the growth of SCBs in the Northeast. In another study Das (2012) studies the Meghalaya State cooperative banks financial performance.
Hooda (2011) (34) examines the performance of SCBs and Scheduled Commercial Banks and forwarded comparative assessment between them through some selected financial ratios. He observed that SCBs and Scheduled Commercial Banks differ significantly as per these selected ratios during the years of study. In another study Hooda (2011) examines the financial performance of DCCBs in India and found that all the financial variables increased with higher growth rate during the study period. A lot of studies were made to analyze and evaluate the performance of SCBs in India or in respect of SCBs in different states.
Ashok Bandyopadhyay (2004) (35)  in his work entitled “The Hundred Years of Co-operative Movement”, has stated that co-operative movement with its tremendous strength and age-old weaknesses are in the crossroads now in the present area of liberalization, privatization and globalization in a market oriented economy. He has concluded that all stake holders of the movement, including cooperators, RBI, NABARD, central and state governments, co-operative organizations, etc. shall have to play their respective roles to strengthen the co-operative movement. 
Ramesh, K (2003) (36) in his work entitled “Co-operative Banking and Financial Sector Reforms in India”, has found that with regard to the extension of reforms to co-operative banking segment, it has not yet cleared as to whether the same would ensure soundness and stability in the co-operative banking segment. He has concluded that in the long run, if co-operative character of credit co-operatives is to be preserved, the prudent practices, system of governance and supervision and regulation all should mandate from the guiding principles of co-operatives.
Katar Singh (2003) (37) observes that the co-operatives frantically looking for new direction for their survival in the changing economic scenario which would find new strategies for their rejuvenation in policy. He has concluded that the new policy to be implemented faithfully and its commitment to action translate into reality.
Subburaj, B, Samwel Kakuko Lopoyetum and Selvam, K.G (2003) (60) have observed that in spite of significant contribution made by the primary level co-operatives in servicing various sectors of the national economy, they are the weakest link in its organizational structure. They have concluded that the growth and development of co-operative institutions would be reflected in the better socio-economic planning and its positive changes, better standard of living and community at large.
Kulwant Pathania and Sabina Batra (2009) (38) examined the NPA management in co-operative banks. It was observed that the main factor responsible for NPAs was willful default i.e. able, but not willing to pay followed by inadequacy of loans, ineffective management and supervision, utilization of loans for unproductive purposes, political support, redemption of post debts, inadequate infrastructure facilities and field staff for recoveries and poor socio economic conditions. They have concluded that the poor recovery position of the banks concerned has adversely affected the image of the bank among other banks and also in the public.
Jayalakshmi, G and Sumathy, M (2009) (39) in their study on NPAs Management in Co-operative Banks in India, viewed that a good management of NPAs requires pro-active actions to be taken by banks at the time of taking decisions for granting advances by making proper assessment of risk involved and strict adherence to the prudential norms. They concluded that following prudential norms for NPAs management is compulsory for survival of co-operative banks along with the confidence of the customer.
Richa Verma Bajaj (2009) (40) in his article entitled “Capital Adequacy Regime in Scheduled Commercial Banks: A Case Study”, attempted CAMEL Analysis. In 1998 Narasimham Committee report made several important recommendations like introduction of internationally accepted prudential norms relating to income recognition, asset classification, provisioning and capital adequacy. According, a framework of the evaluation of current strength of the system and of the operations and performance of banks has been provided by reserve bank measuring through “CAMELS”.
Deepak Shah (2008) (41) analyzes the impact of financial sector reforms in case of co-operative credit institutions in India. He has observed that credit flows through the co-operatives in rural India and their sustainability, viability and operational efficiency have become major focus of attention of various policymakers in the era of financial sector reforms. He concludes that financial sector reforms have accorded greater flexibility to the co-operatives to invest in non-target avenues like shares and debentures of corporate, units of mutual funds, bonds of public sector undertakings, etc.
Mandira Sarma and Rajiv Kumar (2008) (42) carried out primary studies on the rural short-term co-operative credit structure. They observed that the Non-Performing Assets (NPAs) level in the Rural Short-term Co-operative Credit Structure (RSTCCS) was very high compared to that in the commercial banking system in India. They concluded that in spite of significant development in India’s financial sector over the last decade, a large number of poor, particularly large and marginal communities remained “financially excluded” even today.
Mayilsamy, R (2007) (43) examines the Non-Performing Assets (NPAs) in short term co-operative credit structure. He observed that the banks have to evolve recovery strategies and plan for recovery management. He concluded that if they fail to improve the recovery, the huge burden of NPAs is really breaking the backbone of the short term co-operative credit structure in India.
Vinayagamoorthy, A and Vijay Pithadia (2007) (44) in their work entitled “Globalization and Co-operative Sector in India”, have observed that considering the low living standard of common man, incomplete and imperfect markets and other socio political considerations, it is the primary duty of the government to ensure that its citizens have easy access to co-operative credit. They have concluded that the future vision of co-operative movement will have to be based on efficiency parameters relating to promotion of excellence, improvement of operational efficiency and strengthening of financial resource base.
Deepak Shah (2007) (45) in his work entitled, “The Adequacy of Institutional Credit through Co-operatives in Maharashtra”, observes that in order to rejuvenate rural credit delivery system through co-operatives, the major problems facing the system were, high transaction cost, poor repayment performance, mounting NPAs, distribution aspects of credit, coverage of Scheduled Castes (SCs) and Scheduled Tribes (STs) members, etc. He concludes that as far as the rural credit delivery system is concerned, the focus should be on strategies that are required for tackling issues such as sustainability and viability, operational efficiency, recovery performance, small farmer coverage and balanced sector development. 
Mani, K. P (2007) (46) has examined the trend and concerns of investment in agriculture since the launching of reforms. He observed that medium term and long-term credit is not getting the required priority, which is one of the problems of the agricultural credit delivery mechanism. He concludes that it is high time to revamp the institutional credit for agriculture particularly the investment credit so as to meet the global and domestic challenges.
Banishree Das, Nirod Kumar Palai and Kumar Das (2006) (47) in their study on the problems and prospects of the co-operative movement in India under the globalization regime they have observed that the co-operative system in India has the capacity and potentiality to neutralize the adverse effects emerging from the process of globalization. They have concluded that co-operatives have immense potential to deliver goods and services in areas where both the state and the private sectors have failed.
Hanumantha Rao, K and Jayasree, K (2006) (48) examined the banking sector reforms and credit flow to agriculture. They found that about 12 per cent of the farmers debt was from traders at the all-India level and in states like Jammu & Kashmir (J&K) it was very high (88%) due to lack of Scheduled Commercial Banks (SCBs) and co-operative banking network. They concluded that the debt and investment surveys had shown that the farmer’s access had gone up considerably across states as a result of the banking and agricultural sector reforms.
Avinash V. Raikar (2006) (49) has analyzed the issues, problems and prospects of co-operative credit institutions (CCIs) in India. He has found that the major problems of the CCIs are dual control, high overdoes and low resource base. He concludes that the future survival of these institutions would be determined by its ability to technologically modernize themselves, innovation of new products and its reach among the urban and rural population.
Gagan Bihari Sahu and Rajasekhar, D (2005) (50) found that the credit in both nominal and real terms had grown at a much faster rate during the period 1981-91 as compared to the reform period of 1992-2000. They concluded that credit flow to agriculture was negatively associated with investment in government securities, Credit Subsidy (CS) and proportion of credit provided by the co-operatives. But credit supply to agriculture was positively associated with the incidence of rural bank branches.
Bhole, L.M (2005) (51) in his work entitled “The Role of Co-operatives in Socio-Economic Development in India”, has observed that the co-operatives are often riddled with a host of problems such as concentration, state-dependence, top-to-bottom approach, lack of spontaneity, commercialization, power politics, corruption, etc. He concludes that the institutionalization of the principle of cooperation has perhaps tended to result into the ideology of co-operatives. 
Jain, N.K (2005) (52) observes that the new disciplines are imposed on co-operatives for the first time as they are required to be followed by all banking institutions. He concludes that the co-operatives will have to take conscious view of their own functioning to survive in the present context of competition by ensuring efficiency.
Samwel K. Lopoyetum (2004) (53) examines the problems and prospects of co-operative banking. He observes that globalization has unquestionably opened up new challenges, prospects, opportunities and potentialities in the economic system. He concludes that the co-operative banking system must respond and strengthen its infrastructural facilities to compete in the globalized financial system. 
Joel Edvinraj, D (2004) (54) examined the challenges before Indian co-operatives. He has observed that co-operatives have to face competition from private and multinational sectors on the one side and on the other side they have to rectify their losses. He has suggested that governments help and support should be continued until co-operatives can meet challenges and stand and survive by themselves.
Amrit Patel (2004) (55) examines the achievements and challenges of co-operative banking. He observes that during the post-independence era rural co-operatives have indeed contributed quite significantly in achieving self sufficiency in agriculture and making it rather export oriented. He has concluded that co-operative institutions have been facing serious problems constraining their smooth operations in rural areas. They need to be reorganized, restructured and revitalized so as to make them effective instruments of rural banking for rural development.
Ansari, A.A and Amir Ullah Khan (2004) (56) have examined the agricultural sector reforms and role of co-operatives. They have observed that the economic reforms, which have been introduced since 1991, have given new dimensions to precepts and practices of economic development. They have concluded that the co-operatives have not been able to take the fullest advantage of the economic reforms, as they have been bypassed in the reform process.
Agro-Economic Research Centre (2002) (57) examined the role of co-operative credit in the development of different size groups of farmers in Gujarat and found that out of total loan amount, over 21 per cent was borrowed from private traders who charged exorbitant rates of interest might be because they were the ultimate source of credit and that too at door step. They concluded that increase in current prices of agricultural goods, there was no parallel increase in loan limits.
Thus, literature review is a text written by someone to consider the critical points of current knowledge including substantive findings, as well as theoretical and methodological contributions to a particular topic. Literature reviews are secondary sources, and as such, do not report any new or original experimental work. Also, a literature review can be interpreted as a review of an abstract accomplishment. Most often associated with academic-oriented literature, such as a thesis or peer-reviewed article, a literature review usually precedes a research proposal and results section. Its main goals are to situate the current study within the body of literature and to provide context for the particular reader. Literature reviews are a staple for research in nearly every academic field.  A systematic review is a literature review focused on a research question, trying to identify, appraise, select and synthesize all high quality research evidence relevant to that question. A Meta analysis is typically a systematic review using statistical methods to effectively combine the data used on all selected studies to produce a more reliable result.

The financial health and soundness of co-operative banks which comprise of Urban Co-operative Banks (UCBs) and rural co-operatives showed a varied performance in terms of key indicators such as profitability and non-performing assets (NPAs). There was a moderation in the net profits of UCBs partly emanating from the impact of the slowdown in economic activity. Their asset quality, however, recorded steady improvement broadly mirroring strengthened prudential norms and regulations. With regard to rural co-operatives, while the overall performance of State Co-operative Banks and District Central Co-operative Banks (DCCBs) exhibited some improvement in net profits and asset quality in 2011-12, primary agricultural credit societies reported losses. The long-term rural co-operatives, such as State and Primary Co-operative Agriculture and Rural Development Banks, continued to show weak financial performance.
Co-operative banks play an important role in meeting the credit requirements of both the urban and rural India. Though in the bank dominated financial system, these institutions account for a small share in the total credit, they hold a significant position in credit delivery as they cater to different geographic locations and demographic categories. The wide network of co-operative banks, both rural and urban, supplements the commercial banking network for deepening financial intermediation by bringing a large number of depositors/borrowers under the formal banking network. Demographically, these institutions have enabled access to financial services to low and middle-income groups in both rural and urban areas.
The role of co-operative banks has been commendable in enhancing the inclusiveness of the financial system. However, the financial performance of these institutions particularly rural co-operatives has been partly owing to operational and governance-related issues. A number of committees have examined the reasons for their poor financial performance and have suggested remedial measures from time to time. Initiatives for revitalizing co-operatives have been ongoing. The ongoing initiative of the Reserve Bank towards a unified regulatory framework as envisaged in its Vision Document of 2005 for UCBs walls initiatives for creating vibrant UCBs. With regard to short-term rural co-operatives, the recommendations of the Expert Committee on the Short-term Co-operative Credit Structure are aimed at addressing the inadequacies afflicting this segment.

1.      Irny, S.I. and Rose, A.A. (2005) “Designing a Strategic Information Systems Planning Methodology for Malaysian Institutes of Higher Learning (isp- ipta), Issues in Information System, Volume VI, No. 1, 2005
2.      Methodology Usage Notes, entry at Merriam–Webster
3.      Baskerville, R. (1991). "Risk Analysis as a Source of Professional Knowledge". Computers & Security 10 (8): 749–764
4.      Katsicas, Sokratis K. (2009, 2009). "Chapter 35". In Vacca, John. Computer and Information Security Handbook. Morgan Kaufmann Publications. Elsevier Inc. p. 605
5.         Satyasai, K.J.S and Viswanathan, K.U, “Restructuring the Co-operative Credit System through Integration of Short Term and Long Term Structures”, Indian Journal of Agricultural Economics, Vol.53, No.3, July-Sep, 1998, PP.478-487
6.         Howell, K. E. (2013) Introduction to the Philosophy of Methodology. London: Sage Publications
7.      Michael V. P. “Research Methodology in Management” Himalaya Publishing House, Bombay, 1985, P. No. 107
8.         Bradley J. V. “Distribution free statistical tests, “Prentice Hall Inc. New Jersey, 1968, P. 129
9.         Amit Basak (2009), “Performance Appraisal of Urban Cooperative Banks: A Case Study”, IUP Journal of Accounting Research and Audit Practices. Year 2009
10.     Bhaskaran R and Praful Josh P (2000), “Non Performing Assets (NPAs) in Co-operative Rural Financial System: A major challenge to rural development”, BIRD‟s Eye View Dec.2000
11.     Chander Ramesh and Chandel Jai Kishan (2010), “Financial Viability of an Apex Cooperative Credit Institution- A Case Study of the HARCO Bank”, Asia-Pacific Business Review Vol. VI, No.2, April-June 2010, pp 61-70
12.     Gurcharan Singh and Sukhmani (2011) “An Analytical Study Of Productivity And Profitability Of District Central Cooperative Banks In Punjab“, Journal on Banking Financial services and Insurance Research, Vol. 1 Issue 3 (June2011), pp. 128-142
13.     Ratna and K. Nimbalkar (2011) “A Study of NPA‟s -Reference To Urban Co-operative Bank”, Golden Research Thoughts, Vol.1, Issue.VI Dec 2011
14.     Dutta Uttam and Basak Amit (2008), “Appraisal of financial performance of urban co- operative banks- a case study.” The Management Accountant, March 2008, pp.170-174
15.     Chander Ramesh and Chandel Jai Kishan (2010), “Financial Viability of an Apex Cooperative Credit Institution- A Case Study of the HARCO Bank”, Asia-Pacific Business Review Vol. VI, No.2, April-June 2010, pp 61-70
16.     Jain (2001),“Comparative study of performance of District Central Co-operative Banks (DCCBs) of Western India i.e. Maharashtra, Gujarat & Rajasthan for the year 1999-2000 from the point of view of net profit/loss”, NAFSCOB Bulletin, April-June 2001
17.     Mukul G. Asher (2007) “Reforming Governance and Regulation of Urban Cooperative Banks in India” Journal of Financial Regulation and Compliance. Vol 15; No 1; Year 2007, pp.20-29
18.     Shah Deepak (2007) “Evaluating Financial Health of Credit Cooperatives in Maharashtra State of India” University Library of Munich, Germany, MPRA Paper-3949 (July)

19.     Dash, D.K., (2000), “Financial Performance Evaluation through Ratio Analysis – A Case of Nawanozar Cooperative Bank, Jamnagar (Gujarat),” Indian Cooperative Review, Vol. 37, No. 3, January, pp. 162-170
20.     Dhaliwal, Navkiranjit Kaur, 2010,"Growth and Performance of regional rival Bank, "Discovery Publishing house Pvt. Ltd., New Delhi
21.     Govindarajan Dr. K. and Singh Robindro Mr. N. (2006) "Analysis of the Profitability of the Tamil Nadu State Apex Cooperative Bank Ltd," Indian Cooperative Review, Vol. 44, No. 4 April, pp. 676-685
22.     K. Devadasan and S. Dr. Rasia Begam, (1999) "Cooperative Banking-Land Development Banks-An Appraisal", Indian Co-operative Review, Vol. 37, No. 2, Oct. pp. 65-68
23.     Andrew Campbell (2007), "Bank insolvency and the problem of non-performing loans", Journal of Banking Regulation, 25-45
24.     Beaver, W. H. (1966), "Financial ratios as predictor of failure-empirical research in accounting", Journal of Accounting Research, No. 4, 71-111
25.     Bhaskaran R and Praful Josh P (2000), “Non Performing Assets (NPAs) in Co-operative Rural Financial System: A major challenge to rural development”, BIRD‟s Eye View Dec.2000.
26.     Chandra, Buddhadeb (2006), “Performance of Burdwan Central Co-operative Bank in the Development of the District (1988-89 to 1998-99)”, Finance India, September, 2006
27.     Dutta Uttam and Basak Amit (2008), “Appraisal of financial performance of urban cooperative banks- a case study.” The Management Accountant, case study, March 2008, 170-174
28.     Fulbag Singh and Balwinder Singh (2006), "Funds management in the central cooperative banks of Punjab- an analysis of financial margin", The ICFAI Journal of Management, Vol. 5, 74-80
29.     Geeta Sharma and Ganesh Kawadia (2006), "Efficiency of urban co-operative banks of Maharashtra: A DEA Analysis", The ICFAI Journal of Management, Vol. 5, Issue 4
30.     Harish Kumar Singla (2008), "Financial performance of banks in India", The ICFAI Journal of Management, Vol. 7, Issue 1
31.     Jain (2001),“Comparative study of performance of District Central Co-operative Banks (DCCBs) of Western India i.e. Maharashtra, Gujarat & Rajasthan for the year 1999-2000 from the point of view of net profit/loss”, NAFSCOB Bulletin, April-June 2001
32.     Ohlson, J.A. (1980), "Financial Ratios and the Probabilistic Prediction of Bankruptcy," Journal of Accounting Research, No. 18, 109-131
33.     Ramesh and Nagaraju (2007), "Prudential Standards and the performance of Urban Co-operative Banks in India: An Empirical Investigation", The ICFAI Journal of Financial Risk Management, June, 2007
34.     Ramachandra Reddy, B, “Management of Overdues of Co-operative Sector in Andhra Pradesh”, The Indian Journal of Commerce, Vol.51, No.4, Oct-Dec, 1998
35.     U Niranjan Raj B and Chitambaram K (2000), “Measuring the performance of District Co-operative Banks”, NAFSCOB Bulletin, October-December, 2000
36.     Ved Pal & N S Malik (2007), "A multivariate analysis of the financial characteristics of commercial banks in India", The ICFAI Journal of Management, Vol. 6, Issue 3.
37.     Justin Paul and Padmalatha Suresh (2008),“Management of Banking and Financial Services”, Second impression, Dorling Kindersley (India) Pvt. Ltd., PHI, Chapter: 6, 78-116
38.     Shiang-Tai Liu (2009), "Slacks-based efficiency measures for predicting bank performance", Graduate School of Business and Management, Vanung University, Chung-Li, Taiwan
39.     Vijay Mavaluri, Pradeep Boppana and Nagarjuna (2006), "Measurement of efficiency of banks in India" University Library of Munich, Germany, MPRA Paper 17350, Aug 2006
40.     KC Shekhar and Lekshmy Shekhar (2007), „Banking theory and practice‟, Nineteenth edition, reprint 2007, Vikas publishing house Pvt. ltd. (India), Chapter: 16, pp. 356-374
41.     Mayilsamy, R, “Non-Performing Assets in Short Term Co-operative Credit Structure –An Overview”, Tamilnadu Journal of Co-operation, Vol.7, No.12, Oct, 2007, PP.62-66
42.     Vinayagamoorthy and Vijay Pithadia, “Globalization and Co-operative Sector in India”,
43.     Deepak Shah, “Adequacy of Institutional Credit through Co-operatives in Maharashtra-A Region Wise Analysis”, the Indian Journal of Agricultural Economics, Vol.62, No.3, July-Sep, 2007, PP.328-339.
44.     Mani, K.P, “Institutional Credit for Agriculture-Reflections Since Reforms”, Financing Agriculture, Vol.39,No.3, May-June, 2007, PP. 33-37
45.     Banishree Das, Nirod Kumar Palai and Kumar Das, “Problems and Prospects of the Co-operative Movement in India under the Globalization Regime”,
46.     Hanumantha Rao, K and Jayasree, “Banking Sector Reforms and Credit Flow to Agriculture”, IASSI Quarterly, Vol.25, No.2, Oct-Dec, 2006, PP.33-50
47.     Avinash Raikar, “Co-operative Credit Institutions in India: An Overview”, Indian Co-operative Review, Vol.44, No.1, July, 2006, PP.1-20
48.     Gangan Bihari Sahu and Rajasekhar, D, “Banking Sector Reforms and Credit Flow to Indian Agriculture”, Economic & Political Weekly, Vol. XL, No.53, Dec31 2005- Jan6 2006, PP.5550-5559
49.     Bhole, L. M, “The Role of Co-operatives in Socio-Economic Development in India-A Review”, IASSI Quarterly, Vol.23, No.3, Jan-Mar, 2005, PP.107-126
50.     Jain, N.K, “Co-operatives at Cross Roads”, Indian Co-operative Review,Vol.42,No.3,Jan,2005,PP.272-279
51.     Samwel. K Lopoyetum, “Problems and Prospects of Co-operative Banking”, Kurukshetra, Vol.52, No.12, Oct, 2004, PP.25-31
52.     Joel Edvinraj, D, “Challenges Before Indian Co-operatives”, Kisan World, Vol.31, No.10, Oct, 2004, PP.21-22
53.     Amrit Patel, “Co-operative Banking-Achievements and Challenges”, Kurukshetra, Vol.52, No.12, Oct, 2004, PP.18-24
54.     Ansari, A. A and Amir Ullah Khan, “Agricultural Sector Reforms and the Role of Co-operatives”, Indian Co-operative Review, Vol.42, No.2, Oct, 2004, PP.143-169.
55.     Ashok Bandyopadhyay, “Hundred Years of Co-operative Movement-Vision and Mission 2020”, Indian Co-operative Review, Vol.42, No.1, July, 2004, PP.1-25
56.     Ramesh, K, “Co-operative Banking and Financial Sector Reforms in India – Agenda for Future Research”,
57.     Katar Singh, “The National Policy on Co-operatives- A Critical Appraisal”, Kurukshetra, Vol.51, No.6, April, 2003, PP.4-9

·         Subburaj, B, Samwel Kakuko Lopoyetum and Selam, K.G, “An Insight of the Major Operational and Technical Problems Impinging on Growth of Primary Agricultural Co-operative Banks (PACBs)- An Application of TWOS Matrix Analysis to Formulate Strategies”, Indian Co-operative Review, Vol.40, No.3, Jan, 2003, PP.203-215
·         Agro-Economic Research Centre, “The Role of Co-operative Credit in the Development of Different Size Groups of Farmers in Gujarat”, Agricultural Situation in India, Vol. LVIII, No. II, Feb, 2002, PP.531-534
·         Nainta, R.P, “Co-operatives in the New Millennium Challenges & Opportunities”, Kurukshetra, Vol.49, No.10, July, 2001, PP.8-11
·         Katar Singh, “Reforms in Credit Co-operatives”, Kurukshetra, Vol.49, No.1, Oct, 2000, PP.16-22
·         Verma, S .K, “Rural Development through Co-operatives”, Kurukshetra, Vol.47, No.8, May, 1999, PP.29-32 & 38