The Full Form of ‘LAMPS’ in Banking is ‘Large Sized Adivasi Multipurpose Societies’.
Full Form of LAMPS
The full form of ‘LAMPS’ in banking is ‘Large Sized Adivasi Multipurpose Societies.’ This term refers to a type of cooperative organization that is created to serve the needs of the Adivasi communities in India.
Adivasi are indigenous people who live mainly in rural areas, and have their own distinct culture, language, and traditions. They often suffer from discrimination and lack of access to basic services like health care, education, and financial services. This is why the government has set up LAMPS – Large Sized Adivasi Multipurpose Societies – as part of its efforts to provide basic services to these communities.
In India, LAMPS are regulated by the National Bank for Agriculture and Rural Development (NABARD). These organizations are typically owned by members of the local community, and they receive funding from NABARD as well as other sources.
The primary purpose of LAMPS is to provide financial services such as loans and savings accounts to members of the local community. In addition, they also offer a range of other services such as insurance, agricultural advice, micro-credit schemes, and educational programmes.
The main goal of LAMPS is to empower Adivasi communities by providing them with access to financial services that would otherwise be unavailable or difficult for them to obtain. By giving them access to credit and other forms of finance, these organizations can help these communities become more self-sufficient and economically independent. They can also help raise living standards in these areas by providing employment opportunities through their various activities.
LAMPS have been highly successful in India since they were first established in the 1980s. The number of LAMPS organisations has grown significantly over time, with over 3600 currently operational across the country. As a result, millions of Adivasi have been able to benefit from access to finance that was previously not available for them before LAMPS were established.
In conclusion, LAMPS stands for Large Sized Adivasi Multipurpose Societies which are cooperative organizations set up by the government with support from NABARD in order to improve living standards among indigenous communities in India by providing them with access to financial services such as credit and saving accounts that would otherwise be unavailable or difficult for them to obtain on their own. These organizations have proven extremely successful since their establishment three decades ago and continue to benefit millions of people today through their various activities aimed at empowering Adivasi communities across the country
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