International Credit Union Day 2021: Here’s everything you need to know about it
This year International Credit Union Day will be celebrated on October 21. Credit unions play an important role in providing people with the necessary financial support.
The International Credit Union Day is observed on the third Thursday of October every year. This year, the day will be celebrated on October 21. It is observed to raise awareness about the importance of credit unions and other financial cooperatives. Credit unions are member-owned organisations that offer similar services to that of a bank.
These unions offer different rates of interest on credit cards as well as on loans. Whatever profits are made by the credit unions, they are channelled back to the union members in terms of lower fees, discounted interest rates, etc. In India, cooperative banks perform the same role as credit unions.
Have a look at the history and significance of this day and the theme for this year.
Cooperative banks help the people of the rural sector by giving them financial support. They provide loans to the members. International Credit Union Day helps in creating awareness about credit unions and its role.
Credit unions first began in the early 19th century in Europe. The first holiday for the credit union members as well as the workers was celebrated on 17 January 1927. The first International Credit Union Day was initiated by the Credit Union National Association (CUNA) of the US.
The theme for International Credit Union Day is “Building financial health for a brighter tomorrow". This year will mark the 73rd International Credit Union Day,
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