Question

Besides banks, the other formal major source of cheap credit in rural areas, are..............

• A. Money lenders
• B. Zamindars
• C. the cooperative Societies.
• D. More than one of the above

Answer 1

Answer:

C. the cooperative Societies.

Besides banks, the other formal major source of cheap credit in rural areas is cooperatives. Agricultural cooperatives and credit cooperatives often provide financial services, including loans, to farmers and rural entrepreneurs at lower interest rates compared to traditional banking institutions. Other sources may include microfinance institutions and government schemes designed to support rural development.