An association that mobilizes the savings of members and channels them to needy members is known as

Answer Details

An association that mobilizes the savings of members and channels them to needy members is called a "Thrift and Credit Co-operative." A thrift and credit cooperative is a type of cooperative organization that pools the savings of its members and provides credit facilities to members in need. Members of the cooperative contribute their savings into a common pool, and the cooperative uses this pool of funds to provide loans to members for various purposes such as starting a business, purchasing a home, or meeting emergency expenses. Members can also borrow money at a lower interest rate than they would be able to obtain from other sources, such as banks or money lenders. The thrift and credit cooperative is a type of financial intermediary that serves the financial needs of its members. In addition to providing credit facilities, the cooperative may also offer other financial services, such as savings accounts, insurance, and investment opportunities. Overall, the goal of a thrift and credit cooperative is to promote financial inclusion and provide a source of affordable credit for its members.