Question

Antyodya credit corporation is one the largest credit societies in Tamil Nadu. It grants loans to its members who are most in need of aid. It conducts elections amongst its members to choose its office bearers. The society has a state government representative to supervise its functioning. The profits earned by the society are equally shared by all members annually. What type of a society is Antyodya credit corporation.

• A. A bank
• B. Non-banking financial institution
• C. Private company
• D. Cooperative society

Answer 1

The correct option is D Cooperative society

Antyodya credit corporation is a corporative society since its way of functioning is completely similar to that of a corporative society. It shares its earned profits equally and responsibly amongst all its members. It also conducts free and fair elections to elect its office bearers. The presence of a state govt: representative to supervise the society's functioning points to the fact that Antyodya credit corporation is a cooperative society.