Which of the following is the source of money of cooperatives?

Commercial banks

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Customers

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Microfinance

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Reserve Bank of India

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Solution

The correct option is B Customers
Cooperative banks work on the principle of cooperation, self-help, and mutual help. The customers of a cooperative bank are also its owners, and a cooperative bank is founded by collecting funds from its members.

Cooperatives are prominent in the rural areas due to the lack of banking sources. The beneficiaries of cooperative banks include farmers, artisans, and small-scale entrepreneurs in rural areas.

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