Choose if the given statement is True/False.

Banks and cooperatives should lend more for the welfare of the economy.

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True

False

answer is A.

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Detailed Solution

The given statement is True.
Due to the increased interest rates and frequent changes in terms and conditions of informal sources of credit, banks and cooperatives must lend more to their borrowers. Bank and cooperative lending helps people to get jobs and gets them out of poverty. These loans might be used for a number of things, including starting small businesses, buying equipment, and cultivating crops. Credit that is inexpensive and accessible is essential for the nation's development. It aids to save money and lessens reliance on unofficial credit sources. It is crucial that formal credit is allocated more fairly so that the underprivileged can take advantage of lower-cost loans.

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