why it is necessary to expand the formal sources of credit in the rural area?
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Thus it is necessary that banks and cooperatives increase their lending particularly in the rural areas so that the dependence of the poor on informal sources of credit reduces. ... It is important that the formal credit is distributed more equally so that the poor can benefit from the cheaper loans.
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Answer:
Most loans from informal lender carry a very high interest rate and do little to increase the income of the borrowers
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