need money!
4. Look at a 10 rupee note. What is written on top? Can you explain this statement
5. Why do we need to expand formal sources of credit in India?
6. What is the basic idea behind the SHGs for the poor? Explain in your own words.
7. What are the reasons why the banks might not be willing to lend to certain borrowers?
Answers
Answer: 4. On the top of a 10 Rupee note “Reserve Bank of India, Guaranteed by the Central Government is written.” ... This means that the currency is authorised or guaranteed by the Central Government and no one can refuse payment made in it.
5.There is need to expand formal sources of credit in India as: (i)This would lead to higher incomes and many people could then borrow cheaply for a variety of needs. (ii)They could grow crops, do business, set up small-scale industries etc. (iii)They could set up new industries or trade in goods.
6.The basic behind the SHGs is to provide a financial resource for the poor through organizing the rural poor especially women, into small Self Help Groups. They also provide timely loans at a responsible interest rate without collateral.
7.The banks might not be willing to lend certain borrowers for the following reasons: (i) Banks require proper documents and collateral as security against loans. Some persons fail to meet these requirements. (ii) The borrowers who have not repaid previous loans, the banks might not be willing to lend them further.
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