Thinking of the dozens of countries on the African continent that had high double-digit rates of inflation 20 years ago and contrasting that with the current situation, much progress has been made. In general, while inflation rates have increased marginally over the last couple of years they remain entrenched at single-digit levels in many countries.
Despite their inherent weaknesses in terms of low capital, poor management and intrusive policies of State, cooperative banks in India have successfully weathered several challenges during their century old existence and continued to grow in the competitive environment which emerged following the Economic and Financial Sector Reforms initiated in 1991.