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CBSE Class 10 Answered

What are the two main groups of credit for rural households in India? State two features of each.
Asked by Topperlearning User | 03 Jul, 2014, 10:09: AM
answered-by-expert Expert Answer

Money lenders and Cooperative Societies are two main groups of credit in rural India.

Moneylenders are an informal source of credit. They charge a very high rate of interest from the people. Sometimes, interest up to 60% per annum is charged.

Cooperative societies are a formal source of credit. The rate of interest charged by the cooperative societies is much lower than charged by moneylenders.

Answered by | 03 Jul, 2014, 12:09: PM

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