JKBOSE 9th Class Social Science Solutions Chapter 1 Money and Banking

Money : Money is something that can act as a medium of exchange in transactions.

Currency : It is modern form of money like paper notes and coins.

Why transaction are made in money ? Because a person holding money can comfortably exchange it for any good or service that he might want.

Double coincidence of wants. It means a person wants to sell is exactly the other wishes to buy.

Barter System : Barter system is that system where goods are directly exchanged without the use of money.

Medium of exchange : When money acts as an intermediate in the exchange process, it is called as medium of exchange.

Reserve Bank of India : It is a Central Bank of India which issues currency notes on behalf of the central government.

Demand deposits : Demand deposit is that deposit in the bank accounts which can be withdrawn on demand any time.

Cheque : A cheque is a paper instructing the bank to pay a specific amount from the person’s account to the person in whose name the cheque has been made.

Loan : It refers to an agreement in which the lender supplies the borrower with money, good or services in return for the promise of future payment.

Debt-trap : It is a situation when loan repayment is impossible.

Collateral : It is an asset that the borrower owns and uses this as a guarantee to a lender until the loan is repaid.

Terms of credit : The terms of credit very substantially from one credit arrangement to another.

Formal sector loans : Formal sector loans included loans from banks and co-operatives.

Informal sector loans : Informal sector loans included loans from money lenders, traders, employees, relatives and friends etc.

Higher interest on loans : It means a larger part of the earnings of the borrowers is used to repay the loan.

Credit : It refers to the activity of borrowing and lending money between two parties.

• Automated Teller Machines (ATM) : It is a free standing self service terminal performing 60% of tellers job quickly and at lesser cost. • Savings: It is the part of the income, which is not used for consumption.

• Bank rate : Bank rate is the rate charged by the central bank for lending funds to commercial banks.

• Debit Card : A card allowing the holder to transfer money electronically from their bank account when making a purchase.

• Credit Card : A small plastic card issued by a bank, building society etc., allowing the holder to purchase goods or services on credit.

• Financial system : It is a system that allows the exchange of funds between lenders, investors and borrowers.

• RBI : The RBI is India’s central banking institution, which controls the monetary policy of India.

Ans.— The modern forms of money are currency (paper notes and coins) deposits with banks and plastic money.

(i) Currency : Currency includes coins and paper money. In India currency notes and coins are issued by Reserve Bank of India on behalf of the government. No person or organisation is allowed to issue currency. Moreover, no person in India can legally refuse a payment made in rupees. Hence, the rupee is universally accepted medium of exchange in India.

(ii) Deposits with Banks : Sometimes when we need only certain amount of money for our day to-day needs, we need to keep our extra cash at a safe place. This means that part from our currency as a form of holding money, the other form in which people hold money can be as deposits with banks.

(iii) Plastic Money : Every country has their own printed currency, however paper money can easily be spoiled and has no durability. Therefore, the use of plastic money has started and found world wide acceptance. Plastic refers to the hard plastic cards which we use everyday in place of actual bank notes. They can come in many different forms, like cash cards, credit cards, debit cards, cash cards and store cards.

Ans.— Following points should be considered for opening a bank account :

(i) Choose a bank in which we want to open an account : This step involves choosing or selecting a bank with which a person wants to open an account.

(ii) Fill up the prescribed form : Every bank has a prescribed application form to be filled up for opening an account. The application involves information regarding name, residence and space for fixing a photograph.

(iii) Submit the filled up application form : The filled up application form is to be submitted to the bank officer. It must be kept in mind that the bank may ask for necessary relevant documents like proof of residence, proof of identity. After security as the same the bank may issue an account number.

(iv) Receive necessary documents from the bank. After completion and successful submission of the form, the bank issues an account number. Bank also provides a small book known as pass book which contains particulars as the account holder. The bank may also issue ATM card.

Ans.— The Cash can be withdrawn by two procedures : I. By Visiting the Branch.

(a) By filling withdrawal form : The person has to present himself personally and fill up the withdrawal form. The bank official with identify the person through passbook photograph and signature on withdrawal form.

(b) By cheque : The cheque can be signed and issued by the account holder on the concerned bank. The bank will issue cash against such cheque. The account holder can himself also withdraw cash through such cheque.

II. By using ATM : ATM is a machine controlled procedure. A person, on opening an account, is provided with a card which can be used to withdraw cash by inserting in ATM and following few steps. The machine, after inserting the card, will ask for PIN to proceed. After that the machine will ask for options like amount to be drawn etc. At the end of transaction the machine will provide slip showing amount withdrawn and balance remaining with the bank.

Ans.— Plastic money can come in many forms such as :

(i) Debit Card : A debit card also known as a bank card is a plastic card that provides the cardholder, electronic access to his or her bank account. The card, where accepted, can be used instead of cash when making purchases.

(ii) Credit Card : A credit card allows the cardholder to pay for goods and services based on the holder’s promise to pay for them. The issuer of the card creates a revolving account and grants a limit of credit to the consumer from which the user can borrow money for payment to a seller as a cash advance to the user.

Ans.— Step I. A person called A, deposits 100 in the bank. As a result the bank’s deposits increases by Rs. 100. As per rule the bank keeps 20 % of 100 as cash.

This comes out to be 20. Now deduct 20 from 100. 100-20 = 80. So the bank can lend out 80 in the form of loan.

Step II. A person called B approaches the bank to take a loan of 780. After the bank gives this loan, it can claim the amount from B in future. This means that by giving loan to person B, the bank can create another deposit of ₹80. Now calculate the total deposit with the bank first, person A deposited 100. By giving loan to B, the bank is able to claim 80. So after two steps the bank has total deposit of 180 i.e. 100 + 80 = 180.

Step III. Another person called C wants a loan from the bank. How much amount of money the bank can give as loan to C ? In the previous step we saw that, the bank could increase its deposit by 780 by claiming the amount from B. As per rule it has to keep 20% of 80 as cash before giving further loan to any body. 20% of 80 = 16. So the bank will now keep 16 as cash and give the rest of the amount as loan 80 – 16 = 64. So the bank can give 64 as loan to C.

Ans.— Double coincidence of wants is an essential feature in a barter system where goods are directly exchanged without the use of money. As human beings we all have basic needs like food, shelter, clothes etc. Take the case of shoes maker. He wants to sell shoes and buy wheat. The shoe merchant will first exchange shoe to sell for money and then exchange the money for wheat. However to obtain money, first he has to find a wheat growing farmer who is willing to sell him wheat. Imagine how much more difficult it would be for the shoe maker if he had to exchange shoe directly for wheat without the use of money. He would have to find a wheat growing farmer who would be willing to sell him wheat in exchange for shoe. To put it simple both parties have to agree to buy and sell commodities to each other. This is called double coincidence of wants.

Ans.— When shoes maker exchanged a pair of shoes with some quantity of rice from rice grower. In the same way when a doctor is paid with a cock or hen for his services or when a carpenter is paid with some fruits, are some of the examples of barter system. Barter system prevails when there is double coincidence of wants. Barter system fails if there is lack of double coincidence of wants.

Ans.— Money is accepted as a medium of exchange because the currency (Indian) is authorised by the government of India. The Reserve Bank of India issues currency notes on behalf of the central government. As per Indian law no other individual or organisation is allowed to issue currency. Moreover, the law legalises the use of rupee as a medium of payment that cannot be refused in any transactions in India. Hence, the money (India) is widely accepted as a medium of exchange.

Ans.— The modern forms of money in India are currency paper notes and coins, bank deposits and plastic money such as cash cards, credit cards, debit cards, pre-paid cash cards and store cards. These are accepted as money because the currency is authorised by the government of the country.

Ans.— In India currency notes and coins are issued by the Reserve Bank of India.

Ans.— In Indian currency notes and coins are issued by the RBI on behalf of the government. No person or organisation is allowed to issue currency. Moreover no person in India can legally refuse a payment made in rupees. In other words, the rupee is a universally accepted medium of exchange in India. Thus the law legalises the use of rupee as a medium of payment so no one can refuse to accept payment in rupees.

Ans.— Sometimes when we need only certain amount of money for our day to day needs, we need to keep our extra cash at a safe place. This mean that apart from our currency as a form of holding money, the other form in which people hold money can be as deposits with bank. People deposit their extra money in the bank by opening a bank account in their name banks accepts deposits from the public and also pay some interest on the deposits.

Ans.— Banks use the major portion of the deposits to extend loans. There is a huge demand for loans for various economic activities. In this way, banks mediate between those who have surplus funds and those who are in need of these funds. Banks charge a higher interest rate on loans than what they offer on deposits. The difference between what is charged from borrowers and what is paid to depositors is their main source of income. Thus by accepting deposits and by advancing loans banks mediate between those who have surplus money and those who need money.

Ans.— A cheque is a paper instructing the bank to pay a specific amount from the person’s account to the person in whose name the cheque has been made.

Ans.— It refers to an agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future payment.

Ans.— Collateral is a asset that the borrower owns and is kept with lender as a guarantee till the loan is repaid in full. If the borrower fails to repay the loan, the lender has the right to sell the collateral to obtain payment.

Ans.—  Reserve Bank of India.

Ans.— Deposits.

Ans.— Collateral.

Ans.— Saving account.

Ans.— Cheque.

Ans.— Demand draft.

Ans.—The Reserve Bank of India.

Ans.— Punjab National Bank.

Ans.— Jammu and Kashmir Bank Ltd.

Ans.— Senior Citizen Savings Scheme.

Ans.— National Bank for Agriculure and Rural Development (NABARD).

(i) For exchange of commodities

(ii) For exchange of goods

(iii) As exchange in transactions

(iv) None of the above.

Ans.— (iii) As exchange in transactions.

(i) Grains and Cattle

(ii) Coins and Paper notes

(iii) Cheques and Pass book

(iv) All of the above.

Ans.— (ii) For exchange of goods.

(i) Goods

Ans.— (iv) Money.

(i) State Bank of India

(ii) Commercial Bank of India

(iii) Industrial Bank of India

(iv) Reserve Bank of India.

Ans.— (iv) Reserve Bank of India.

(i) Give a gold coin in return

(ii) Give a sliver coin in return

(iii) Give a Cheque book

(iv) Pay an interest rate on the deposits.

Ans.— (iv) Pay an interest rate on the deposits.

(i) Who have fixed deposits

(ii) Who have gold ornaments

(iii) Who are in need of these funds

(iv) None of the above.

Ans.— (iii) Who are in need of these funds.

(i) House loan

(ii) Education

(iii) Crop production

(iv) All of the above.

Ans.— (iii) Crop production.

(i) Lack of collateral

(ii) Lack of money

(iii) Lack of funds

(iv) All of the above.

Ans.— (i) Lack of collateral.

(i) Station House Guard

(ii) State Housing Guarantee

(iii) Self Happy Groups

(iv) Self Help Groups.

Ans.— (iv) Self Help Groups.

(i) The development of urban areas

(ii) The development of rural areas

(iii) The country’s development

(iv) All of the above.

Ans.— Money is something that can act as a medium of exchange in transactions.

Ans.— The deposit in the bank accounts can be withdrawn on demand these deposits are called demand deposits.

Ans.—Double coincidence of wants is an essential feature in a barter system. where goods are directly exchanged without the use of money. It means exchange of goods between two persons matched.

Ans.— A person holding money can easily exchange it for any commodity or service that he or she might want. Thus everyone prefers to receive payments in money and then exchange the money for things that they want.

Ans.— A cheque is a paper instructing the bank to pay a specific amount from the person’s account to the person in whose name the cheque has been made.

Ans.— It is modern forms of money like paper notes and coins.

Ans.— It refers to an agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future payment.

Ans.— Collateral is an asset that the borrower owns and use this as a guarantee to a lender until loan is repaid.

Ans.— It is a situation when loan repayment is impossible.

Ans.— Formal sector loans included loans from banks and co-operatives.

Ans.— It is Central Bank of India which issues currency notes on behalf of the central government.

Ans.— Barter system is that system where goods are directly exchanged without the use of money.

Ans.— A debit card also known as a bank card is a plastic card that provides the cardholder electronic access to his or her bank account.

Ans.— Based on their nature of activities banks can broadly be classified into four types. (i) Commercial bank (ii) Central bank (iii) Co-operative bank (vi) Specialized

Ans.— Automated Teller Machine.

Ans.— The term “Money” is derived from the latin word “Moneta.”

Ans.— The stages of the evoluation of money are :

(i) Animal money (ii) Commodity money (iii) Metallic money (iv) Paper money.

Ans.— When animals are used as a medium of exchange then it is known as animal money.

Ans.— Axes, yarn, ivory, tiger jaws, rice, tea, tobacco etc. are some examples of commodity money.

Ans.— Coins of gold, silver, copper and bronze are some examples of metallic money.

Ans.— In the 17th and 18th centuries paper currency was emerged as a modern form of money.

Ans.—The modern forms of money include currency, demand deposits, plastic. money (i.e. debit cards and credit cards).

Ans.— Dollar ($)

Ans.— The second largest currency of the world is Euro. It is the currency of the European countries.

Country	Currency
France	Euro
Germany	Euro
China	Chinese Yuan (¥)
Brazil	Brazilian real (R$)

Ans.— It is the simplest form of bank account opened by individual interest is given to the depositor.

Ans.— It is generally maintained by businessmen, traders and firms. No interest. is given to the depositor.

Ans.— When money is deposited in monthly instalment for a fixed period is known as recurring deposit.

Ans.— Deposits in fixed account are time deposits. These give higher rate of interest to the depositor.

Ans.— It allows the cardholder to pay for goods and services based on the holder’s promise to pay for them.

Ans.— Double coincidence of wants is an essential feature in a barter system where goods are directly exchanged without the use of money. But on the other hand in an economy where money is in use, money by providing the crucial intermediate step eliminates the need for double coincidence of wants. A person holding money can easily exchange any commodity or service that he or she might want. For example, it is no longer necessary for the shoe-maker to look for a farmer who will buy his shoes and at the same time sell him rice. All he has to do is find a buyer for his shoes. Once he has exchanged his shoes for money he can purchase rice or any co-commodity in the market.

Ans.— Money is accepted as a medium of exchange because the currency (Indian) is authorised by the government of India. The Reserve Bank of India issues currency notes on behalf of the central government. As per Indian law, no other individual or organisation is allowed to issue currency. Moreover, the law legalises the use of rupee as a medium of payment that cannot be refused in any transactions in India. Hence the money (India) is widely accepted as a medium of exchange.

Ans.— The formal sector still meets only about half of the total credit needs of the rural people. The remaining credit needs are met from informal sources. Most loans from informal lenders carry a very high interest rate and do little to increase the income of the borrowers. Thus, it is necessary that banks and cooperatives increase their lending, particularly in rural areas, so that the dependence on informal sources of credit reduces.

Ans.— Double co-incidence of wants is an essential feature in a barter system where goods are directly exchanged without the use of money. But on other hand in an economy where money is in use, money eliminates the need for double coincidence of wants. A person holdings money can easily exchange any commodity or service that he or she might want. For example, it is no longer necessary for the shoemaker to look for a farmer who will buy this shoes and at the same time sell him rice. All he has to do is find a buyer for his shoes. Once he has exchanged his shoes for money he can purchase rice or any commodity from the market.

Ans.—The formal sector still meets only about half of the total credit needs of the rural people. The remaining credit needs are met from informal sources.

Most loans from informal lenders carry a very high interest rate and do little to increase the income of the borrowers-thus, it is necessary to increase the formal sources of credit for lending particularly in rural area, so that the dependence informal sources of credit reduces.

People who might wish to start an enterprise by borrowing may do not do so because of high cost of borrowing, thus we need to expand formal sources of credit in India which will lead to higher incomes.

Ans.— The basic idea behind the SHGs is meant to create self-employment opportunities for the poor. The SHGs help poor borrowers to overcome the problem of lack of collateral. They can get timely loans for variety of purposes and at a reasonable interest rate. Moreover, SGHS are the building blocks of organisation of the rural poor.

Ans.— A number of borrowers have no collateral against loans. Collateral is an asset that the borrowers owns and uses this as a guarantee until the loan is repaid. The main demand for loans is for crop production. Repayment of loan is dependent on the income from farming which is quite unpredictable. That is why, banks have no interest to lend to certain borrowers. Thus, banks might not be willing to lend to those borrowers who have no collateral and those who have no repaying capacity. They do not lend for money for risky business ventures or borrowers who have not repaid previous loan.

Ans.— The Reserve Bank of India supervises the functioning of banks in following ways :

(i) The RBI supervises that the banks maintain a minimum cash balance out of the deposits they receive.

(ii) Secondly, RBI monitors transaction of commercial banks. (iii) The RBI sees that the banks give loans to not just profit-making business and traders but also to small cultivators, small scale industries, to small borrowers etc.

Ans.— Credit can play an important role in country’s development. For this banks and co-operative societies need to lend more. This would lead to higher incomes because many people could then borrow at low rate of interest for a variety of different needs. They can grow crops, do business, set up small scale industries, etc. They could set up new industries or trade in goods. If credit is made available to the poor people on terms and conditions that are appropriate and reasonable then millions of small people with their millions of small pursuits can significantly contribute to country’s development.

Ans.— Banks create credit from the deposits which they accept from the public. In this process, Banks keep only a small proportion of their deposits as cash with themselves for day-to-day transactions and use the major portion of the deposits to extend loans. There remains huge demand for loans for various economic activities.

In this way banks mediate between those who have surplus funds (the depositors) and those who are in need of these funds (the borrowers). Banks charge a higher interest rate on loans than what the offer on deposits. This difference remains their main source of income.

Ans.— It is a system of exchange where goods or services are directly exchaged for other goods or services without using a medium of exchange, such as money. It is distinguishable from gift economies in many ways one of them is that the reciprocal exchange is immediate and not delayed in time. It is usually bilateral, but may be multilateral and, in most developed countries, usually only exists parallel to monetary systems to a very limited extent. Barter as a replacement for money as the method of exchange, is used in times of monetary crisis, such as when the currency may be either unstable or simply unavailable for conducting commerce.

Ans.— (i) We can withdraw cash at any time, day or night.

(ii) Our ATM card is protected by a PIN, keeping our money safe.

(iii) ATM are faster than going to the bank no long lines.

Ans.— It is very much true that is situations with high risks, credit might create problems for the borrower. For example, if a small farmer takes a loan to meet the expenses of cultivation hoping that his harvest would help him to repay the loan. But it his crop fails due to shortage of rain or for any other reason, he will be unable to repay the laon. In such situations, a small farmer has to sell a part of his land to repay the loan. In such cases repayment of loan entirely depends on good crop which inturn depends on good rain, HYV seeds, fertilizers, pesticides and other factors. This type of loan pushes the farmer into a debt-trap and the position of the farmer becomes worse than before and the recovery of loan becomes very painful.

Ans.— Transaction system is better than barter system because double co incidence of wants is an essential in a barter system which creates problem. For example, shoe manufacturer wants to sell shoes in the market and buy wheat. For this, he would look for a wheat growing farmer who not only wants to sell wheat but also wants to buy shoes in an exchange. In contrast, in an economy where money is in use, money by providing the crucial intermediate step eliminates the need for double co-incidence of wants. It is no longer necessary for the shoes manufacturer to look for a farmer who will buy his shoes and at the same time sell him wheat. All he has to do is find a buyer for his shoes. Once he has exchanged his shoes for money, he can purchase wheat or any other commodity in the market. Since money acts as in intermediate in the exchange process.

Ans.— The following are the main differences between formal and informal sources of credit.

Formal Sector Loans	Informal Sector Loans
(i) Formal sources of credit are banks and co-operatives.	(i) Informal sources of credit are moneylenders, employers, traders relatives and friends.
(ii) Formal sources charge less rate of interest on loans.	(ii) Informal sources charge higher rate of interest on loans.
(iii) Lower rate of interest results in more income and better condition for the borrower.	(iii) Higher rate of interest results in less income for the borrowers. As a result they fall in to debt-trap.
(iv) RBI supervises the functioning of formal sources of credit.	(iv) There is no organisation which supervises the functioning of infromal sources of credit.
(v) Rules and regulations are followed by the formal sources of credit.	(v) No rules and regulations are followed by the informal sources of credit. They do whatever in their interest.

Ans.— The modern forms of money currency in India are paper notes and coins.

It is accepted as money because the it is authorised by the government of India.

Reserve Bank of India issues currency notes on behalf of the Central Government. As per Indian law, no other individual or organisation is allowed to issue currency. Moreover the law legalises the use of rupee as a medium of payment that cannot be refused in any transaction in India. Hence, the rupee is widely accepted as a medium of exchange.

Ans.— A person holding money can easily exchange it for any commodity or service that he or the might want. Thus, everyone prefers to receive payments in money and then exchange the money for things that they might want. Take the case of a shoe manufacturer. He wants to sell shoes in the market and buy wheat, The shoe manufacturer will first exchange shoes that he has produced for money, and then exchange that money for wheat.

Ans.— Self-help group is a group of 15-20 members who can take small loans from the group itself to meet their needs. The idea is to encourage rural poor, mainly women, to pool their saving which they can give out as loan to members. A typical self-help groups has 15-20 members, usually belonging to one neighbourhood, who meet and save regularly. Saving per member varies from 25 to 100 or more, depending on the ability of the people to save. Members can take small loans from the group itself to meet their needs. The group charges interest on these loans but this is still less than what the moneylender charges.

Ans.— Following are the two sources of formal sector loans :

(i) Commercial Banks

(ii) Co-operative Societies.

Following are the two demerits of informal sector loans :

(i) Informal sector lenders charge a much higher interest on loans. Thus, the cost to the borrower of informal loans is much higher.

(ii) The amount to be repaid is greater than the income of the borrower which lead to increasing debt.

(i) Formal sector of loan gives loan not just to profit-making business and traders but also to small cultivators, small scale industries and small borrowers.

(ii) Cheap and affordable credit is possible only through formal source of credit.

(i) There is no organisation which supervises the credit activities of lenders in the informal sector.

(ii) Compared to the formal lenders, most of the informal lenders charge a much high rate of interest on loans.

Ans.— Currency is anything which is accepted as a medium of exchange. It is accepted as a medium of exchange because the currency is authorised by the government of the country.

The following are the three features of modern Indian currency :

(i) It makes exchange process easy.

(ii) Value of goods and services can be measured in monetary units.

(iii) It makes differed payments possible.

Ans.— Four major sources of credit for rural households in India are the following :

1. Commercial Banks : This source provide rural credit at low rate of interest. In the year 2003 the share of this source in the total rural credit was 25% in India.

2. Co-operative Societies : In India, this source was providing 27% of the total rural credit in the year 2003.

3. Moneylenders : It is the main source of credit for rural households in India. It provides loans at easy terms and conditions but charges exorbitant rate of interest. In the year 2003 its share was 30% in the total rural credit.

4. Relatives and Friends : Relatives and friends are also an important source of credit for the rural households. Its share was 7% in the year 2003.

Ans.— Banks create credit from the deposits which they accept from the public. In this process, banks keep only a small proportion of their desposits as cash with themselves for day-to-day transactions and use the major portion of the deposits to extend loans. There remains huge demand for loans for various economic activities.

In this way banks mediate between those who have surplus funds (the depositors) and those who are in need of these funds (the borrowers). Banks charge a high interest rate on loans than what they offer on deposits. This difference remains their main source of income of bank.

Ans.— 1. Saving account : A saving account is the simplest of the savings tools and can be opened with a low amount of money most consumers use a saving account in conjuction with a checking account for their basic saving needs.

2. Current account : An account with a bank or building society from which money may be withdrawn without notice, typically an active account catering for frequent deposits and withdrawals by cheque.

3. Recurring deposit : It is a special kind of term deposit offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their recurring deposit account and earn interest at the rate applicable to fixed deposits.

(i) RBI issues currency notes on behalf of the central govt.

(ii) As banker to the govt. the Reserve Bank manages the banking needs of the government.

(iii) The commercial banks hold deposits in the Reserve Bank and the latter has the custody of the cash reserves of the commercial banks.

(iv) The commercial banks approach the Reserve Bank in times of emergency to tide over financial difficulties, and the Reserve Bank comes to their rescue though it might charge a higher rate of interest.

Ans.— A cheque is a document that orders a bank to pay a specific amount of money from a person’s account to the person in whose name the cheque has been issued. The person writing the cheque, the drawer, has a transaction banking account where their money is held. The drawer writes the various details including the monetary amount date and a payee as the cheque, and signs it, ordering their bank, known as the drawer, to pay that person or company the amount of money stated.

Ans.— The Indian post office offering a plethora of financial services throughout its all branches. This includes various post office savings schemes, postal life insurance, mutual fund, money remittance forex services etc. The department of posts has taken the responsibility to disburse the MGNREGA wage through post offices by opening saving bank accounts in the names of MGNREGA beneficiaries.

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