Question

What is credit ?Why there is a need of credit in rural areas?

Answer 1

Answer:

credit refers to an agreement in which the lender supplies the borrower with money, goods and services in return for the promise of future payment.

There is a need for credit in rural areas because the people do not have sufficient capital to invest in agricultural sector. Such a credit will fulfil their requirements and help them to invest in non-agricultural sector as well.

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Answer 2

Credit means loan. That's it.