9. A business unit in which savings of members are lent to others is a _____
By
Ralph - O
-
Friday, February 25, 2022
A business unit in which savings of members are lent to others is a _____
(a)Consumer cooperative society(b)Producer cooperative society(c)Credit and thrift society(d)Wholesale cooperative society
EXPLANATION:
What is Credit and thrift society
Credit and thrift society are self-help organisations. They encompass a group of persons who pool their resources together on mutual basis to solve specific financial problems of members
Also known as Co-operative thrift and loan society, provides it's members with convenient loans and secured means of interest.
The essence of a credit society is to create a pull of fund. It has from it’s beginning, been charge with designing and building members owned and controlled cooperative finance system the greatest gandicap to goal attainment is fund.
This society encourages the extension of micro and other credit facilities to rural and urban to galvanize their economic activities, which will create employment and raise the statement of human existence.
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