Which of the following is an example of a cooperative society?

see full answer

Your Exam Success, Personally Taken Care Of

1:1 expert mentors customize learning to your strength and weaknesses – so you score higher in school , IIT JEE and NEET entrance exams.

An Intiative by Sri Chaitanya

Farmers

Workers

Women

All of these

answer is D.

(Unlock A.I Detailed Solution for FREE)

Best Courses for You

JEE

NEET

Foundation JEE

Foundation NEET

CBSE

Detailed Solution

Farmers, workers, and women are an example of a cooperative society.
Any group can form a cooperative society, whether it be farmers, workers, women, etc. All they need is their savings to be collected to create a reserve fund to lend to their members. Members of the group then avail loans from their cooperatives for essential purposes like buying seeds for fresh produce, purchasing capital to start a new business, etc. Cooperative societies belong to the formal sector of credit because they maintain records of the members and the borrowers and, as an advantage, usually charge lower rates of interest to their members. Moreover, once a cooperative amass reasonable reserves, it can use them as collateral to avail of bank loans.

Watch 3-min video & get full concept clarity