Could guilds act as financial institutions?

Yes, ancient Shrenis often functioned as banks, accepting deposits and lending money to both members and the public.

Economic Role of Guilds (Shreni) in Ancient India (2012 PYQ)

ID: ANC_HIS_PM_PG_2012_13 Ref: Standard Educational Reference

With reference to the guilds (Shreni) of ancient India that played a very important role in the country's economy, which of the following statements is/are correct? 1. Every guild was registered with the central authority of the State and the king was the chief administrative authority on them. 2. The wages, rules of work, standards and prices were fixed by the guild. 3. The guild had judicial powers over its own members. Select the correct answer using the codes given below:

AI Quick Summary (View Answer)

Correct Option: C

In ancient India, guilds (Shreni) were autonomous bodies that fixed wages, standards, and prices for their trade. They also held judicial powers over their own members to settle internal disputes.