63
Question
Micro credit or micro-finance is a novel approach to banking with the poor. In this approach, bank credit is extended to the poor through _________.
Micro credit or micro-finance is a novel approach to banking with the poor. In this approach, bank credit is extended to the poor through _________.
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Solution
The correct option is B Self-Help Groups
Micro-credit: Micro-credit is the provision of thrift, credit and other financial services and products of very small amount to the poor in rural, semi-urban and urban areas for enabling them to raise their income levels and improve living standards. The micro-credit institutions are those which provide these facilities.
Self Help Groups: A self-help group is a registered or unregistered group of micro-entrepreneurs having homogeneous social and economic background voluntarily coming together to save small amounts regularly, to mutually agree to contribute to a common fund and to meet their emergency needs on mutual help basis. The group members use collective wisdom and peer pressure to ensure proper end-use of credit and timely repayment thereof.
Micro-credit: Micro-credit is the provision of thrift, credit and other financial services and products of very small amount to the poor in rural, semi-urban and urban areas for enabling them to raise their income levels and improve living standards. The micro-credit institutions are those which provide these facilities.
Self Help Groups: A self-help group is a registered or unregistered group of micro-entrepreneurs having homogeneous social and economic background voluntarily coming together to save small amounts regularly, to mutually agree to contribute to a common fund and to meet their emergency needs on mutual help basis. The group members use collective wisdom and peer pressure to ensure proper end-use of credit and timely repayment thereof.
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