Identify the type of cooperative society in which members provide financial assistance to other members. Also elabomte it.
It is a credit cooperative society. It is formed to provide financial assistance in the form of direct loans of their members. It is organised both in rural and urban areas. Funds are pooled together by member’s contributions and are utilised in giving loans to needy members on easy terms. The purpose of such society is to encourage the habit of thrift (not- spending too much money carelessly) among their members.