Question

Describe the importance of formal sources of credit in economic development.(All India-2019)

Answer 1

Explanation:

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Answer 2

The formal sources of credit helps in economic development of the country when the banks will be offering more number of financial services to the people which in turn improve the economic livability of the people.

Explanation:

• The formal sources of credit involves the money lending process by the banks.
• Apart from this, the banks are able to lend their financial services to the people at low interests which helps them to lead an improved life style.

To know more:

1) Global livability index is released by

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2) Livability

A) Intolerable

B) Supportable

C) Tenantable

D) Habitable

E) Comfortable

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