ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Congress established the Farm Credit System in 1916 to support rural communities with reliable credit and financially related services.

Detailed explanation-2: -The Federal Farm Loan Act provided for two kinds of land credit institutions for making loans to farmers, designated federal land banks and joint stock land banks. The federal land banks may make loans only through organizations of farmers known as national farm loan associations and through agents.

Detailed explanation-3: -Farm Credit is a nationwide network of 70 customer-owned financial institutions. Across all 50 states and Puerto Rico, we provide loans and related financial services to U.S. farmers and ranchers, farmer-owned cooperatives and other agribusinesses, rural homebuyers and rural infrastructure providers.

Detailed explanation-4: -360, enacted July 17, 1916) was a United States federal law aimed at increasing credit to rural family farmers. It did so by creating a federal farm loan board, twelve regional farm loan banks and tens of farm loan associations. The act was signed into law by President of the United States Woodrow Wilson.