Facts for Prelims (FFP)
Source: Business Standard
Context: Cooperation Minister launched the National Cooperative Database, aiming to facilitate the expansion and development of cooperatives in India.
- The database is a web-based digital dashboard capturing information about over 8 lakh registered cooperative societies, involving more than 30 crore people.
- Additionally, the ‘National Cooperative Database 2023: A Report’ was released which highlighted the progress made in computerizing all primary agricultural credit societies (PACS) in the country.
The government of India established the Agricultural Refinance Corporation in 1962 to provide long-term loans to cooperatives. In 1963, Parliament established the National Cooperative Development Corporation (NCDC)
To form a cooperative society in India, at least 10 adults must consent. The association can then be registered with the Registrar of Co-operative Societies
