Difference between formal and informal source of credit?
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The main motive of formal sources is social welfare whereas the main motive of informal sources is profit-making. Banks and cooperatives are the example of formal sources and moneylenders, traders, employees, friends and relatives etc are the example of informal sources.
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Answer:
The main motive of formal sources is social welfare whereas the main motive of informal sources is profit-making. Banks and cooperatives are the example of formal sources and moneylenders, traders, employees, friends and relatives etc are the example of informal sources
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