Besides banks, the other formal major source of cheap credit in rural areas, are:
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. the cooperative societies.
- Besides banks, the other major sources of cheap credit in rural areas aThere are several types of cooperatives possible such as farmers’ cooperatives, weavers’ cooperatives and industrial workers cooperatives, etc. are the cooperative societies (or cooperatives).
- A co-operative society is often a voluntary association of individuals who come together with the intention to work together and to promote their economic interest.
- These societies work on the principle of self-help as well as mutual help.