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SEBA Class 8 Social Science (Geography and Economics) Chapter 11 Solution 2026 | The role of financial institutions in socio-economic development | Class 8 Social Science Chapter 11 Books Answer

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SEBA Class 8 Social Science (Geography and Economics) Chapter 11 Solution 2026 | The role of financial institutions in socio-economic development | Class 8 Social Science Chapter 11 Books Answer

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&nbsp;Chapter 11 -

The role of financial institutions in socio-economic development

1) Write the short answer- (a) What does the government do for the socio-economic development of the country? Answer: The Government adopts and implements various schemes, programs etc. for the socio-economic development of the country ǀ In addition, other institutions and institutions approved or recognized by the Government carry out various activities for the socio-economic development of the country b) Name some of the main components of economic development ǀ Answer: Roads, piers, bridges, housing, transport, communication, irrigation, drinking water, hospitals, electricity and telephone supply etc. ǀ c) What are financial institutions? Answer: Financial institutions are those institutions that contribute to making people productive and self-reliant by providing short term, medium and long term loans d) Give examples of two significant things done by banks ǀ Answer-a) Customer's money is deposited in the bank ǀ b) Provides credit to customers ǀ e) What is the central bank of our country known as ǀ Answer: The Central Bank of our countryis known as the Reserve Bank of India. f) Where are the products produced with the assistance of NEDFI sold ǀ Answer: The products produced with the help of Nedfiare sold at Nedfihat at Ambari, Guwahati ǀ 2) Discuss in detail- (a) Contribution of commercial banks to socio-economic development. answer-1) Commercial banks help in the socio-economic development of the country by providing loans to different sections of the society like farmers, industrialists, artisans, etc. on the basis of savings deposited by the depositors 2) Producers require large amounts of capital for the qualitative development of various sectors of the economy. ǀ Without government assistance, no one can invest large amounts of capital on their own 3. Poor farmers can take loans from commercial banks without approaching mahajans or private lenders to carry out their financial activities ǀ 4) Commercial banks offer education loans to students to increase their motivation towards higher education ǀ students do not have to repay these loans to the bank until they complete their studies ǀ the repayment period is even extended up to 18 months after completion of their studies ǀ

(b) The role of the North East Council and&nbsp;&nbsp;the North&nbsp;East Development Finance Corporation in the economic development of North East India. North-&nbsp;The Council and North East Development Finance Corporation or NEDFI was established in 1995 to provide financial assistance to the states of North East India ǀ NEDFI helps in identifying and maintaining environmental and infrastructure projects for proper use of indigenous resources in the region Emphasizes on creating an environment for the establishment of various agro-based industries by cultivating crops The program provides financial assistance to the people of the states of North East India in various fields like agriculture, medicinal plantation, silk industry, cottage industry, handicrafts and textiles, horticulture, poultry farming, pig farming, fish farming etc cannot do ,those people are provided with loans at discounted rates by this program ǀ Nedfi has been trying to make women self-reliant through microfinance schemes for economic development in the North East ǀ various self-help groups are the result of such measures ǀ c) Aims and objectives of formation of self-help groups:-answer- 1. 1.&nbsp;To create the strength and enthusiasm to work together through the formation of self-help groups. 2. 2.&nbsp;Access to loans from financial institutions through development schemes. 3. 3. 3.&nbsp;Undertaking economic activities collectively by group members. 4. The&nbsp;Develop savings habits among group members. 5.&nbsp;To create awareness among the rural population and develop a self-help mentality&nbsp;6. 6.&nbsp;ǀ Assist in obtaining collective loans by establishing contacts with lending institutions 3) Write a kiss- a) Cooperative Banks Answer:&nbsp;The main objective of this bank is to provide loans to poor farmers, artisans, small entrepreneurs etc. for productive activities at low interest rates. ǀ Poor farmers of our country still have to pay high interest rates Agricultural Credit Cooperative Societies are formed in the villages to raise agricultural loans ǀ cooperative banks provide short term loans to farmers to help increase agricultural production ǀ thus cooperative banks help in the economic development of the country ǀ b) NABARD Answer:&nbsp;The Government of our country established a financial institution called National Bank for Agriculture and Rural Development (NABARD) in 1982 with the objective of agriculture and rural development of the country. The bank provides all types of agricultural loans as well as loans for various schemes, projects etc. for rural development. These loans are offered in short term (for 18 months) and long term (for 25 years). NABARD provides loans to Cooperative Banks, Land Development Banks, Regional Rural Development Banks and Commercial Banks. NABARD acts as the agent of the Reserve Bank of India for disbursement of rural loans. C. Central Bank Answer:&nbsp;The central bank at the top of the banking system of India is the Central Bank ǀ otherwise known as the Reserve Bank of India ǀ This bank was established in 1935 ǀ The Central Bank is the bank of banks ǀ It audits the accounts of other banks. The Central Bank has the sole right to print paper currency. No bank other than the Central Bank can print paper currency. The central bank checks. State Banks of India act as agents of the Reserve Bank of India.&nbsp; D. Self-help groups Answer:&nbsp;A self-help group is a cluster or group of people who are not financially prosperous voluntarily gathered in the same place ǀ such groups can usually be formed with 10 to 20 members ǀ the main objective of this group is to work together. Economically backward and unemployed people form such groups and get loans from financial institutions like banks, Nedfi etc. Self-help groups help unemployed youth to find various income generating opportunities. In addition, through this group, people below the poverty line in rural areas can take up schemes like poultry farming, weaving, sewing flower cultivation etc. to become self-employed&nbsp; 4) Determining what is pure and what is impure. (a) Increased per capita income hinders the development of the country.&nbsp;Answer:&nbsp;Correct. (b) Industrial and Investment Banks provide long term loans to the industrial sector. Answer:&nbsp;Correct.&nbsp;&nbsp;(c) Self-help groups should open savings bank accounts with the Central Bank. Answer:&nbsp;Incorrect. (d) NEDFI is headquartered in Shillong.&nbsp;Answer:&nbsp;Incorrect. (e) Financially well off people can become members of self-help groups.&nbsp; Answer:&nbsp;Incorrect.

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