Question

gy-
The credit Played a positive role in
salin's life similarly, give us two other
enampus of the positive
Role of
credit
in the lives
Families ar Relatives around
us​

Answer 1

Answer:

Credit plays a crucial role in a country’s development. By sanctioning loans to developing industries and trade, banks provide them with the necessary aid for improvement.

This leads to increase in the production, profits and employment. However, caution must be exercised in the case of loans from the informal sector which include high interest rates that may be more harmful than good.

For this reason, it is important that the formal sector gives out more loans so that borrowers are not duped by moneylenders, and can ultimately contribute to national development.

For example- A loan given to a fresh post-graduate for setting up a business might contribute to employment generation, infrastructure development in the near future.

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Answer 2

In a nation's progress, credit plays a crucial role. Banks offer them with the assistance required for development by sanctioning loans to develop industries and trading. This leads to higher production, profits & employment. However, in the case of informal sector loans with high interest rates that could be harmful rather than good, caution has to be exercised.

For this reason , it is necessary for the formal sector to make more loans, so that money lenders do not fool borrowers and can eventually contribute to national growth. For example-a new graduate loan for a company might help create jobs and build infrastructure in the near future.

Explanation:

Credit reflects a contract whereby, in exchange for the guarantee of future payment, the borrower supplies the borrower with money , goods or services.  Credit plays a vital & positive role as:  

1. Credit enables people from all "walks of life" in setting up their "business", increase their income & support their families.  
2. Some people get loans that aid a great deal in building their homes and as such they can get relief from living in rented house
3. For some, helps a lot in raising their standards.
4. Example of Salim, the loan helps and his income will increase.

To know more

explain the various forms of credit ​ - Brainly.in

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