And it will be no exaggeration to say that India has been among the pioneering nations in the matter of genesis, and democratic evolution, of agricultural and rural co-operatives, truly informed, and inspired, by the tenets and principles of cooperation.
Electronic clearing is used for processing retail payments. It can be regarded as an Automated Clearing House system where payment processing is fully automated and only electronic documents are accepted. A year ago, in September 2000, the Bank of Latvia introduced the Real Time Gross Settlement System (RTGS).