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Unit 4 Ch 3 : Money and Credit — Social Studies STD 10 — Question

CBSE BoardEnglish MediumSTD 10Social StudiesUnit 4 Ch 3 : Money and Credit5 Marks
Question
What is the basic idea behind the SHGs for the poor? Explain in your own words.
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Answer

The basic behind the SHGs is to provide a financial resource for the poor through organizing the rural poor especially women, into small Self Help Groups. They also provide timely loans at a responsible interest rate without collateral.
The main objectives of the SHGs are:
  1. To organize rural poor especially women into small Self Help Groups.
  2. To collect savings of their members.
  3. To provide loans without collateral.
  4. To provide timely loans for a variety of purposes.
  5. To provide loans at responsible rate of interest and easy terms.
  6. Provide platform to discuss and act on a variety of social issues such education, health, nutrition, domestic violence etc.

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