what is credit? why is there a need for credit and rural areas
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it is loan given by the bank on low interest rates. it is helpful because it easy for small farmers and poors to repay the loan easy ly..
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Credit means recieving something of value now and promising it to repay later.
Due to the following reasons:-
(i) The expansion of formal sources of rural credit is essential to save poor from the high rate of interest of moneylenders and debt-trap.
(ii) Cheap and easily available credit can encourage self employment like small scale industries or business. It can lead to higher income and contribute to the country’s development.
(b) Rural poors can get cheap loans from sources like cooperatives banks, Self Help Groups, regional rural banks, etc..
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