How can we reduce the dependence …

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How can we reduce the dependence of rural peoples on informal source of credit?? Plzz answer in points.....

Posted by Asifa Naaz 5 years, 1 month ago

CBSE > Class 10 > Social Science

3 answers

Yogita Ingle 5 years, 1 month ago

Rural population in India normally borrows money from money lenders at higher rates of interest.
Rural people seek money lenders(Informal source of credit) due to limited expansion of credit by the formal sectors in the rural areas.
Formal sectors in India are mostly urban biased and increasing their presence in the rural areas will reduce the dependence of rural people on the informal sector.

1Thank You

Deepak Kul 5 years, 1 month ago

By opening more cooperative society. By opening self help group centre in rural areas. In this way we protect rural people from debt trap made by people of informal sector.

1Thank You

King Adithya H M... 5 years, 1 month ago

dependence on informal sources of credit can be reduced by opening of more banks and cooperatives at the rural level,usually informal lenders charge high intersest rate which can put the people in conditions of debt trap.

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