Choose if the given statement is True/False.

Banks should expand their credit facilities more into rural areas.

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True

False

answer is A.

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Detailed Solution

The given statement is True.
The majority of loans from unofficial lenders have extremely high-interest rates and do little to boost the borrowers' income. Therefore, it is essential that banks and cooperatives improve their lending, especially in rural regions, in order to lessen reliance on unofficial sources of credit. All borrowers must have access to formal sector loans in addition to their expansion. Wealthy households currently obtain formal credit, whereas the impoverished must rely on informal sources. Therefore, it's critical that formal credit is allocated more fairly so that the underprivileged can take advantage of the more affordable loans.

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