You get appointed as the district collector, and you observe that the rural economy is relatively slower in Village X among other villages. On your visit to Village X, people express their grief regarding the shortage of funds for agriculture- and dairy-related activities. Which among the following would you suggest and why?

Suggestion: To write a letter to the RBI and issue notice to commercial banks operating in the districts

Reason: To channelise a huge amount of funds from commercial banks to Village X for its business activities

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Suggestion: To write a letter to the RBI and issue notice to commercial banks operating in the districts

Reason: To have the RBI undertake special credit control measures in Village X directly

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Suggestion: To encourage people to set up a coopertative bank in Village X

Reason: For people in Village X to avail cheap credit facilities

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Suggestion: To encourage people to set up a coopertative bank in Village X

Reason: To encourage local moneylendors in Village X to participate in the business activities by lending loans

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Solution

The correct option is C Suggestion: To encourage people to set up a coopertative bank in Village X

Reason: For people in Village X to avail cheap credit facilities
Cooperative banks operate on the funds pooled collectively by their members for their benefits. They are run on the principle of cooperation, self-help, and mutual help. Cooperative banks focus on addressing issues in rural areas by extending cheap credit facilities and protecting villagers from exploitation by local moneylenders. The beneficiaries of cooperative banks include farmers, artisans, and small-scale entrepreneurs in rural areas.

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