Question
Download Solution PDFSEWA (Self-Employed Women's Association) Bank, a cooperative bank in Gujarat, was launched in India in _______.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 1974.Key Points
- SEWA Bank is a cooperative bank in India that was founded in 1974 by the Self-Employed Women's Association (SEWA), an organization that aims to empower women in the informal sector.
- The bank primarily serves women from low-income households who are engaged in small-scale businesses or self-employment activities, providing them with access to financial services such as savings accounts, loans, and insurance.
- SEWA Bank is known for its customer-centric approach and its efforts to promote financial inclusion among women in India.
- It has won several awards for its innovative products and services, including the Best Small Bank award at the Business Today-KPMG Best Banks Awards in 2019.
Additional Information
- 1894 refers to the establishment of the first cooperative bank in India, which was the Cooperative Credit Societies Act of 1904.
- In 1912, the Cooperative Credit Societies Act of 1904 underwent a revision aimed at extending its scope and facilitating the establishment of non-credit societies.
- 1874 refers to the establishment of the first commercial bank in India, which was the Bank of Bengal in 1806.
- On January 2, 1809, the Bank of Calcutta, which was the tenth oldest bank in India, changed its name to Bank of Bengal.
- It was primarily established on June 2, 1806, to finance General Wellesley's campaigns against the Marathas and Tipu Sultan.
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