Choose the given statement as true/false:

An SHG is made up of 15 to 20 members who often live in the same neighborhood and meet frequently to save money.

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True

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Detailed Solution

The above statement is true.
An SHG comprises 15 to 20 members who often live in the same neighbourhood and frequently meet to save money. Depending on each person's capacity, savings range from 25 to 100 or more rupees per member. To meet their needs, members can get small loans from the organisation. Although this is still less than what the money lender charges for these loans, the corporation applies to interest. The group can apply for a bank loan once they have been reliable for a year or two. The purpose of loan approval, which takes place in the group's name, is to give participants more opportunities to work for themselves.

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