BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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women sector
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Industries sector
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Corporate sector
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Agriculture sector
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Detailed explanation-1: -The Rural Credit system in India is separated into two parts: an unstructured or informal system of lenders, merchants, and input suppliers, and a formal, organized system made up of cooperatives, regional rural banks, the banking sector, and nonbanking financial enterprises.
Detailed explanation-2: -Credit Cooperative societies are involved in disbursing loans at low rates of interest and flexible repayment terms. The role of cooperatives in rural development is crucial as they protect their members from private moneylenders who give loans at very high-interest rates.
Detailed explanation-3: -PACS are outside the purview of the Banking Regulation Act, 1949 and hence not regulated by the Reserve Bank of India.