CBSE Class 10 Answered
What are the recent government strategies to expand formal sources of credit in India ?
Asked by drrajeev1971 | 04 Nov, 2016, 05:52: PM
Expert Answer
Government initiated certain strategies to expand formal source of credit in India as follows:
- Increased credit flow towards agricultural sector through the policy of doubling the agricultural credit method in 3 years (2004-05)
- Expanded the outreach of the banking services through banking no-frills account with low or zero minimum balances and low or zero charges (2005). Regional rural bank allowed limited overdraft facilities in no-frills account without any collateral security.
- National Agricultural Insurance Scheme (NAIS) is implemented since Rabi 1999-2000 season to provide insurance coverage and financial support to the farmers
- Government of India & NABARD - Rural Infrastructure Development Fund, Micro Finance Innovations, Kisan Credit Card Schemes, Refinance under Swarnajayanti Gram Swarozgar Yojna (SGSY) and Co-operative Development Fund.
Answered by Tharageswari S | 05 Nov, 2016, 08:46: PM
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