Which of the following are correct?

A. Nakarattars are basically based on nuclear family firms

B. The Nakarattars loaned and deposited money with one another in caste defined social relationship

C. Individual Nakarattars organised their lives around participation in and management of various communal institution.

D. Nakarattars are class based banking system

Choose the correct answer from the options given below.

B, C only

Statements A and D are incorrect.

The Nattukottai Chettiars (or Nakarattars) of Tamil Nadu, provide an interesting illustration of how these indigenous trading networks were organised and worked. A Nakarattar banks were basically joint family firms, so that the structure of the business firm was the same as that of the family. Similarly, trading and banking activities were organised through caste and kinship relationships. 

The Nakarattars loaned and deposited money with one another in caste-defined social relationships based on business territory, residential location, descent, marriage, and common cult membership. Unlike in modern Western banking systems, it was the reputation, decisions, and reserve deposits shared among exchange spheres defined according to these principles, and not a government-controlled central bank, that … assured public confidence in individual Nakarattars as representatives of the caste as a whole. In other words, the Nakarattar banking system was a caste-based banking system. Individual Nakarattars organised their lives around participation in and management of various communal institutions adapted to the task of accumulating and distributing reserves of capital.