Question

Thrift fund was formed by ?

• A. Dairy Co-operative for investment purposes
• B. Agricultural Co-operative for land development
• C. Handloom Co-operative for Capital formation
• D. Fishermen Co-operative for fish preservation

Answer 1

Answer:

C. Handloom Co-operative for Capital formation

Thrift Fund:

• This fund is maintained by compulsorily deducted from the wages of the worker members.
• Every Worker member of the Primary Society are required to contribute 6 to 10% of their wages to this fund and the amount of such fund is credited to his Thrift Deposit Account.
• The accumulated Thrift deposit will be utilised to purchase shares to the members till the maximum holding is reached as per the Byelaws.
• Further contributions will be transferred to his Recurring Deposit Account or giving Insurance premium in favour of the member
• Thrift fund formed by Handloom Co-operative for Capital formation