Read the extract given below and answer the questions that follow:
Besides banks, the other major source of cheap credit in rural areas are the cooperative societies (or cooperatives). Members of a cooperative pool their resources for cooperation in certain areas. There are several types of cooperatives possible such as farmers cooperatives, weavers' cooperatives, industrial workers cooperatives, etc. Krishak Cooperative functions in a village not very far away from Sonpur. It has 2300 farmers as members. It accepts deposits from its members. With these deposits as collateral, the Cooperative has obtained a large loan from the bank. These funds are used to provide loans to members. Once these loans are repaid, another round of lending can take place.
Krishak Cooperative provides loans for the purchase of agricultural implements, loans for cultivation and agricultural trade, fishery loans, loans for construction of houses and for a variety of other expenses.
Answer the following MCQs by choosing the most appropriate option:
(i) The passage given above relates to which of the following options?
(a) Loan condition in rural areas (b) Loans from cooperatives
(c) Procedure to obtain loan (d) Various sources of credits
(ii) According to the given passage, Krishak cooperative is a good example of cooperative source of credit based on which of the following options?
(a) Provides cheap loan. (b) Functions in village setup.
(c) Easy collateral. (d) Its members are local farmers and they pool their funds.
(iii) By providing loans to the small farmers, krishak Cooperative wants to:
(a) increase the income of the farmers. (b) protect them from money-lenders.
(c) provide them cheap credit. (d) All of the above
(iv) In a rural setup, cooperative societies are highly effective mode of credit because:
(a) they have a large number of members.
(b) they do not need collateral.
(c) they provide loans at easy terms with low interest.
(d) they directly purchase agricultural equipments for farmers.
Updated On 18th June 2025
Expert Explanation :
(i) (b) Loans from cooperatives
(ii) (d) Its members are local farmers and they pool their funds.
(iii) (d) All of the above
(iv) (c) they provide loans at easy terms with low interest.
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