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Money and Credit - Coggle Diagram
Money and Credit
Credit
It is an agreement where a borrower takes money, goods or services and agrees to repay in the future
Types of credit
Formal Credit
Credit Provided by banks and cooperatives
Requires proper documents, collateral and follows government rules
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Impact
Positive Effect
Help in increasing production, business growth
Improve standard of living
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Money
What is money?
Money is a medium of exchange used to facilitate transaction
It overcomes the limitation of barter system
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Self Help Groups (SHGs)
SHDs are small groups of people who pool their savings and lead money, they mostly have women's as there members
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