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Land Development Banks have been started in India sinceMarks:1
The LDBs have been operating in India since 1929. They are registered as cooperative societies.
The categories of credit requirement of the farmers on the basis of purpose and use of credit areMarks:1
Explanation:The categories of credit requirement of the farmers on the basis of purpose and use of credit are two. The classifications of types of credit are: a) productive credit and b) unproductive credit.
Funds covering the period extending from 15 months to 5 years is known asMarks:1
Medium period funds
Medium period funds are needed to purchase animals, making improvements on land, repair of wells, etc. They are also needed to meet various unproductive expenditures on marriages and other social and religious functions.
Promotion of thrift in small proportions by a minimum contribution from each member of the group is done byMarks:1
Self Help Groups.
Explanation:Self Help Groups or SHGs operate on the basis of the micro-finance concept. From the pooled money, credit is given to the needy members to be repayable in small installments at reasonable interest rates. By March 2003, more than seven lakh SHGs had reportedly been credit-linked.
An apex body to coordinate the activities of all institutions involved in the rural financing system isMarks:1
Explanation:National Bank for Agricultural and Rural Development (NABARD) was set up in 1982. It does not deal with farmers and rural people directly. It grants assistance to them through cooperative banks and commercial banks.