Question

"Private moneylenders are being replaced by institutional sources of credit". Why?​

Answer 1

Answer:

It has been necessary to replace private money lenders by the institutional sources of credit so as to save the poor farmers from the exploitation faced by them at the hands of private money lenders such as big land owners, money lenders, traders etc.

Answer 2

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Sources of agricultural credit can be broadly classified into institutional and non-institutional sources. Non-Institutional sources include moneylenders, traders and commission agents, relatives and landlords, but institutional sources include co-operatives, commercial banks including the SBI Group, RBI and NABARD.