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Q.

Choose the given statement as true/false:

Poor households continue to rely on unofficial credit sources.

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a

True

b

False

answer is A.

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Detailed Solution

The above statement is true.
Loans from banks demand sufficient documentation and collateral, which are frequently inaccessible to poor households and continue to rely on informal sources of credit. Moneylenders and other informal lenders provide them with loans without collateral. Banks are not everywhere in rural India, yet informal sources are freely accessible in every village. While informal sources offer credit for productive and non-productive uses, institutional sources offer loans for productive purposes.

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