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Updated: May 17, 2025
It will be noticed that among the other activities of the Congested Districts Board, I have specially mentioned the work of promoting co-operative credit by means of village banks managed on the Raffeisen system. The I.A.O.S. is a voluntary association of a strictly non-political character.
It has been found in the adaptation to Indian requirements of the well-known Raffeisen system. It found a healthy basis ready made in the Indian village system, and though it would never have succeeded without the informing energy and integrity of "sun-dried bureaucrats" and the countenance given to it by Government, it has had the cordial support of many capable native gentlemen.
Or think of the Servians that hospitable people, good lovers and good haters, with their ancient, almost prehistoric, system of family communities surviving down to modern days, and blossoming out in a perfect genius for co-operative agriculture and Raffeisen banks!
More than nine hundred local societies have been established, for the promotion of industries such as dairying and poultry farming; co-operative credit banks have been formed, based on what is known in Germany as the Raffeisen system. The turnover of these societies in 1908 amounted to more than £2,250,000.
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