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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 are Self Help Groups? How do they work? Explain
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Answer

Self help groups are the organisation of the rural poor, in particular women to pool their savings and provide loans to their members.Work of self help groups:
  1. Generally self help groups consist of 15-20 members.
  2. Members belong to one neighbourhood.
  3. They meet regularly.
  4. Their savings varies from Rs. 25-Rs. 100 or more.
  5. Only members can take loans from the group itself.
  6. The group charges interest less than the money lenders.
  7. All the important decisions regarding savings and loans are taken by the members of the group.
  8. The group is collectively responsible for the repayment of the loan.
  9. The regular meeting of the group provides a platform to discuss and act a variety of social issues such as health, nutrition and domestic violence etc.

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