Question

Difference between formal and informal sector 0

Answer 1

formal sector belongs to the govt. while informal sector doesnot belongs to govt.
example of formal are banks and cooperatives.
example of Informal are moneylenders,traders,relatives.

Answer 2

❛Answer ❜

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Formal sector ↓

✍︎ Supervised by R.B.I

✍︎ Fixed + Low interest Rate

✍︎ e.g. Banks

Informal sector ↓

✍︎ No organisation supervises these credit activities

✍︎ High + no fix interest Rate

✍︎ e.g. Friends, traders, moneylenders, etc.

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