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Q.

What was the association formed by merchants called?

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a

Elder

b

Shreni

c

Grihapati

d

Uzhavar 

answer is B.

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Detailed Solution

Association formed by merchants was called shreni. The shreni was a term used to describe a group of merchants, craftspersons and dealers in ancient India. These craftspersons acquired raw materials, disseminated the finished product, and offered training. The trade was then organised by the shrenis of merchants. Rich men and women would deposit their money at shrenis, which also served as banks. This was invested, and a portion of the interest was paid back or used to finance monasteries and other religious institutions.
 
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