Practicing Success
Practicing Success
CUET Preparation Today
In the question given below, there are 2 statements marked as Assertion (A) and Reason (R). Choose the correct alternative from the following options. Assertion (A)- In 1969, India adopted social banking and a multiagency approach to adequately meet the needs of rural credit. Reason (R)- Money lenders, traders, and middlemen exploited small and marginal farmers by lending money at a very low interest rates. |
Both (A) and (R) are true and (R) is the correct explanation. Both (A) and (R) are true but (R) is not the correct explanation of (A). (A) Is true but (R) is false. (A) Is false but (R) is true. |
(A) Is true but (R) is false. |
At the time of independence, moneylenders and traders exploited small and marginal farmers and landless labourers by lending to them on high interest rates and by manipulating the accounts to keep them in a debt-trap. A major change occurred after 1969 when India adopted social banking and multiagency approach to adequately meet the needs of rural credit. Later on, in 1982, NABARD was set up to coordinate all the activities involved in the rural financial system. |
