Question

Identify which of the following statement is not correct with reference to Self Help Groups?

Options

• Group members in need of funds can borrow at nominal rate of interest.

• Borrowings in micro-credit system are mainly taken of consumption purposes.

• Micro-credit system has helped men in rural areas to become self-dependent.

• Formal credit system has failed to provide credit to the needy people in the rural areas.

Answer 1

Micro-credit system has helped men in rural areas to become self-dependent.

Explanation:

Microcredit has enabled women to become self-sufficient by boosting their access to financial services.