ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A credit union is a type of financial organization that is owned and governed by its members. Credit unions provide members with a variety of financial services, including checking and savings accounts and loans.

Detailed explanation-2: -Credit unions are owned and controlled by the people, or members, who use their services. Your vote counts. A volunteer board of directors is elected by members to manage a credit union.

Detailed explanation-3: -A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision of credit, and other financial services.

Detailed explanation-4: -The 4 different types of banks are Central Bank, Commercial Bank, Cooperative Banks, Regional Rural Banks.

Detailed explanation-5: -There are a variety of unions, and each is opened for different purposes, such as state employees’ credit union, federal navy credit union, digital federal credit union, Boeing employees’ credit union, etc.