Q. In the context of savings, what does the acronym ROSCA represent?
Answer: Rotating Savings and Credit Association
Notes: The acronym ROSCA stands for Rotating Savings and Credit Association, a financial arrangement where members contribute to a common fund and take turns receiving the total amount. This system is prevalent in many cultures and is often used to facilitate savings among groups. Chit funds, a similar concept, involve periodic contributions and are regulated in various countries to prevent fraud. The Prize Chits and Money Circulation Schemes (Banning) Act of 1978 in India specifically addresses issues related to such funds.