|Name of Institution||Bank for Agriculture and Agricultural Cooperatives|
|Year of Establishment||Jan 1970|
|Background Information||In 1947 the Bank for Cooperatives was established to serve as a source of funds for the cooperatives that existed in Thailand at that time. The Bank carried out its lending operations until 1966, when it was replaced by a new Bank. The reasons for the change were as follows:|
As a result the Bank did not have access to foreign sources of funds and suffered from a shortage of capital. For these reasons, in 1966 the government established the Bank for Agriculture and Agricultural Cooperatives (BAAC) as a state enterprise under the jurisdiction of the Ministry of Finance.
The BAAC's mission was extend credit more widely, directly to individual farmers as well as through farmer institutions. BAAC’s objectives are to provide financial assistance in order to promote agriculture as an occupation for farmers and farmer institutions, to help farmers and farmer institutions increase their productivity and incomes and to offer deposit services to farmers throughout the country similar to those offered by commercial banks.
- The Bank for Cooperatives had no power to provide credit to the majority of farmers who were not members of cooperatives;
- The Bank did not provide short term loans for crop production;
- The Bank was not able to consider loan applications;
- The Bank did not supervise its loans and no government agency carried out this function at that time; and
- The operations and organization of the Bank for Cooperatives were not internationally known or recognized.
|Type of Institution||Universal bank|
|Type of Banking License||Under special law|
|Percentage of Government||100%|
|Membership of Banking Associations||APRACA, BWTP|
|Address||469 Nakhon Sawan Road|
|Telephone||469 Nakhon Sawan Road|