Choose whether the given statement is true or false.

Cooperatives are a better source of credit than informal credit.

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True

False

answer is A.

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Detailed Solution

The above statement is true.
Cooperatives are a better source of credit. Like commercial banks, cooperative societies take care of the needs of the weaker section of society by lending them at cheaper rates. Members of a cooperative society pool their resources to help each other. As India is an agrarian economy, most people from rural households work in agriculture. Banks and cooperatives can protect rural households from exploitation by moneylenders, which often leads to a debt trap.

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