The Nakarattars banking system is based on:-
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → Caste based banking system
Option (2) Caste based banking system — Correct. The Nakarattars of Tamil Nadu loaned and deposited money with one another in caste-defined social relationships. Public confidence came from the reputation and shared reserve deposits of the caste as a whole, so the Nakarattar banking system was a caste-based banking system.
NCERT: Indian Society — Chapter 4: The Market as a Social Institution (2025-26)
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