Question 11 of 29beginner🧠 RememberVery Short1 mark

List the various sources of credit in Sonpur.

Correct Answer

The various sources of credit in Sonpur include banks, cooperatives (like Krishak Cooperative nearby), moneylenders, traders, employers, and relatives and friends. These can be grouped as formal sector loans (banks and cooperatives) and informal sector loans (moneylenders, traders, employers, relatives and friends).

Exercise: LET'S WORK THESE OUT | Q: 1 | (Page Page 10)
For More Understanding

Explanation

The textbook context clearly lists the sources of credit. It states that loans can be grouped as formal sector loans (banks and cooperatives) and informal sector loans (moneylenders, traders, employers, relatives and friends). The context also mentions Krishak Cooperative functioning near Sonpur. Additionally, it references Shyamal (a small farmer) and Arun (who took a bank loan), indicating both formal and informal credit sources exist in the village.

Solution Steps

  1. Step 1: Identify formal sector sources from context - banks and cooperatives

  2. Step 2: Identify informal sector sources from context - moneylenders, traders, employers, relatives and friends

  3. Step 3: Combine both categories to list all sources of credit in Sonpur

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