Choose the given statement that is true/false.

Credit is of no use to villagers.

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True

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Detailed Solution

The above statement is false.
To cooperate in particular areas, members of cooperative societies contribute their resources. There could be many different cooperatives now, including those for farmers, weavers, industrial workers, etc. The village where Krishak Cooperative is located is not too far from Sonpur. There are about 2300 farmers who are members overall. Additionally, it gets deposits from its subscribers. The cooperatives have secured a sizable loan from the bank using this amount collected as collateral. They make loans available to those in need using this fund. Following the repayment of the debt, Krishak cooperative provides loans for a variety of expenses, including the purchase of agricultural equipment, loans for farming and agricultural trade, loans for fishing, loans for building houses, and loans for a variety of other expenses.
The correct statement is credit is of use to villagers.

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