The word co has been taken from co-operative. This term is used for different types of businesses even banking when there are two individuals who do business after joining themselves in this term. This type of business is done by bankers too. When this type of business is started, both of the business partners are benefited from this deal. There are many volunteers who do this business so that they may be able to meet different types of aspirations like cultural, social and economic. All of these deals are done by two people who join this business for their benefits or sometimes for voluntarily purposes.
There is another definition that is used by the people who work with each other and here is the definition that “co-operative means a business that is dealt and handled by two people who work equally for this purpose. The purpose of both of these men is to flourish their business. If there is anyone who wants to know about different deals and progress and features of this business, he is supposed to study the co-operative economics. Because, you can read this term only here if you want be aware of co-operative business just to know about co-banking.
Now let us discuss that what are the main features of co banking that attract people towards them.
· Credit unions and co banking provides almost same type of facility. Co banking provides great services for the people or consumers who are taking advantages of this co banking. These are some reasons that why this is not called the organization for gaining profit.
· This was the Eastern Europe where co banking was nationalized first. These are the banks that are working now as institutions for real cooperation. This is according to me, the main feature of co banking.
· There was a very special development in the co banking that the members of this bank reached over 1 million and it spread its more than 13,000 branches in different areas where people could easily reach these branches.
· Another very important feature of this bank is that this is a conventional bank of the world level. These are the reasons that these co banks are gaining popularity day by day.
· There were some old rules and regulations of these co banks and there are some countries in which these banks are on the same rules but some have changed their principles to a distinct level.
Tips and comments
These were main 5 features of co banking that make these banks different and unique from others and this are the reason that people are gaining progress day by day. There are many other features of these banks also that make these banks attracted to the other people. So that people may get advantages of these banks. There are many people who are getting involved in these banks just for the sake of earning money for their better life. These are the consumers of the banks that are the main reasons that why these banks are the first choice of the people.
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