Question

At the time of Independence, moneylenders and traders exploited small and marginal farmers and landless labourers by lending to them on high interest rates and by manipulating the accounts to keep them in a debt trap. A major change occurred after 1969 when India adopted social banking and multi-agency approach to adequately meet the needs of rural credit. Can you highlight values violated by moneylenders and traders?

Answer 1

Values violated by moneylenders and traders are

(i) Mutual help and promotion

(ii) Honesty

(iii) Responsibility towards society