how formal source of loan be made beneficial for farmer and worker
Answers
Formal sector loans can be made beneficial for poor farmers and workers in the following ways:
1] Process of providing loans should be made easier.
2] More number of nationalised banks/cooperative banks should be opened in rural areas.
3] Banks and cooperatives should increase facility of providing loans so that dependence on informal sources of credit reduces.
4] The benefits of loans should be extended to poor farmer and small scale Industries.
5] While formal sector loans need to expand, it is also necessary that everyone receives these loans.
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