economicsChoose the given statement as true/false:It is necessary to increase a large number of banks mainly in rural areas.

Choose the given statement as true/false:


It is necessary to increase a large number of banks mainly in rural areas.


  1. A
    True
  2. B
    False 

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    Solution:

    The above statement is true.
    Especially in rural areas, the number of banks needs to be significantly increased as the rural population tends to provide informal lending that imposes high-interest rates, ultimately leading to debt picking. Due to the high cost of borrowing in these situations, individuals who want to start a new business through borrowing may choose to do something other than do so. Therefore, banks and co-operatives need to increase lending to reduce the dependence of poor people on unauthorised credit sources, especially in rural areas. They should provide cheap and affordable credit to poor people.
     
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