[[1]] and ____ need to lend more.

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Detailed Solution

Banks and cooperative societies need to lend more.
They belong to the formal sector, the sector which the Reserve Bank of India overlooks. No organization oversees the lending practices of informal lenders. They impose whatever interest rates they like. Nobody can prevent them from recovering their money by unfair means. A debt trap eventually results from having too much debt and paying too much interest. Therefore, banks and cooperatives must increase lending, especially in rural regions, to reduce reliance on unofficial sources of credit. Credit that is inexpensive and accessible is essential for the nation's development.

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