Review of efforts It is useful to recall that rural banking was traditionally a monopoly of the money lenders, till the colonial government enacted Co-operative Societies Act in 1904 with a view to making the cooperatives as premier institutions for disbursement of credit. The Process of a three-tier structure  BIS Review 126/2006  1  commenced in 1915.
The Eurosystem also supports the strands of action suggested by the Commission in the area of financial regulation and supervision, in particular the importance attached to the objective of rationalising the existing regulatory framework and the pursuit of supervisory convergence.