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Shrenis served as the bank where rich men and women deposit money.

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Detailed Solution

The above statement is True.
Shrenis served as the bank where rich men and women deposited money during ancient times in India. Many business people and artisans created shrenis or trade groups. These shrenis offered training to new traders, acquired raw materials, and disseminated the final product. The merchants also organised commerce under their shrenis. The money deposited by affluent men and women was invested, and a portion of the interest was sent back or used to finance monasteries and other religious organisations.

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