Comprehension
Read the following source and answer the questions that follow:
Loans from Co-operatives
Besides banks, the other major source of cheap credit in rural areas are the co-operative societies. Members of a co-operative pool their resources for co-operation in certain areas. There are several types of co-operatives possible such as farmers co-operatives, weavers co-operatives,
industrial workers co-operatives etc. Krishak Co-operative functions in a village not very far away from Sonpur. It has 2300 farmers as members. It accepts deposits from its members. With these deposits as collateral, the co- operative has obtained a large loan from the bank. These funds are used to provide loans to members. Once these loans are repaid, another round of lending can take place. Krishak Co-operative provides loans for the purchase of agriculture equipments, loans for cultivation and agricultural trade, fishery loans, loans for constructions of houses and for variety of other expenses.
Question: 1
Which sector includes credit facilities offered by Co-operative Societies?
Which sector includes credit facilities offered by Co-operative Societies?
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Formal credit includes banks and co-operatives that follow official norms and offer low-interest loans.
Updated On: May 20, 2025
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Solution and Explanation
The credit facilities offered by Co-operative Societies are part of the formal sector of credit. These are regulated institutions that operate under financial and legal frameworks and offer secure credit to their members.
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Question: 2
How do Self-Help Groups access external funding?
How do Self-Help Groups access external funding?
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SHGs strengthen rural credit by using pooled savings and building trust with banks.
Updated On: May 20, 2025
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Solution and Explanation
Self-Help Groups (SHGs) access external funding by pooling the small savings of their members regularly. After demonstrating good financial discipline, they become eligible for bank loans. Banks lend to the group collectively, and the group distributes the funds to individual members for personal or entrepreneurial use.
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Question: 3
Explain the functioning of Co-operative Societies.
Explain the functioning of Co-operative Societies.
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Co-operatives work on mutual trust and shared resources, providing low-cost credit to members.
Updated On: May 20, 2025
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Solution and Explanation
Co-operative Societies operate by pooling resources from their members, often within the same profession or locality. Their functioning includes:
Accepting deposits from members which are used as collateral to borrow from banks.
Using these loans to give affordable credit to members for agriculture, housing, trade, and other needs.
Recycling repaid loans for new lending rounds.
Operating democratically with each member having a voice in decisions. They reduce dependency on moneylenders and provide an organized credit system in rural areas.
Accepting deposits from members which are used as collateral to borrow from banks.
Using these loans to give affordable credit to members for agriculture, housing, trade, and other needs.
Recycling repaid loans for new lending rounds.
Operating democratically with each member having a voice in decisions. They reduce dependency on moneylenders and provide an organized credit system in rural areas.
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