Question

differentiate between formal sector credit and informal sector credit

Answer 1

The credits that are taken from formal sectors such as banks, cooperatives are known as formal sector credit.


The credits that are taken from individuals such as moneylenders, relatives, friends etc. are called as informal sector credit.

Answer 2

formal sector credit:- the credit taken from any formal sector such as banks cooperatives ......are called formal sector credit ..... formal sector charge low profit on credit....

informal sector of credit:- the credit taken from any informal sector such as money lender land lords and friends relatives ........are called informal sector credit....informal sector charge high profit on credit......

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