GIPE-PUNE-OIIOI2 - DSpace@GIPE

THE BANK CAPITALIsM OF YOUNG BENGAL 101
On the deposit account we have two more items to
consider, first, the deposits in the post office savings banks,
and secondly, the cash certificates sold by the post offices.
For 1927~28 we have the following figures for all India :11
J. Savings bank. deposits Re. 325,000,000 (Rs. 371,313,369).
2. Cash Certificates Rs. 60,855,000
Total R •. 385,855.000
This means that on the average every Indian: possesses
a postal deposit and certificate of Re. 1 ~3~3 pies. The
Bengali's deposit capital then rises to Rs. 8~ JO~3 pies.
The Co~operative Credit Societies Act was passed
in 1904. That is, about the time Young Bengal
initiated the Swadeshi movement, the c.:l~operative banks
were being only talked of. T o~day there are 17,453
such institutions, large, medium and small, provincial
and rural. It is necessary to pause a minute here in
order to understand the significance of banking enterprise·
OR co~operative lines. All these banks are run almostexclusively
with the resources of the peasants in the
villages, most of whom belong to the dass of our illiterate
fellow~countrymen. But all the same, the resources of
this, class are functioning through the medium of these
banks and they are operating a working capital of"
Rs. 121,139,432.
One may say that the co~operative banks are really'
controlled by the Government, and that, therefore, in
•
regard to the progress that has been consummated in this
17 RBBC., 1929-1930, vol. I. pp. 55-~. Statistical Abstract for British­
India 1920-30, p. 684.