Question

Differentiate Between indigenous bankers and money lenders

Answer 1

Explanation:

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Answer 2

Difference Between indigenous bankers and money lenders:

Indigenous bankers:

• Are a certified organization that is regulated and works in compliance with the Reserve Bank of India.
• Lends money to all classes of the economy in return for exchange of deposit acceptance
• They have various financial products or instruments for the purpose of banking like commercial bonds, bills, etc
• The rate of interest is determined by the Reserve bank of India

Money Lender:

• Are operated by an individual or person and do not come under the Reserve Bank of India.
• Lends money without acceptance of deposit and may have private conditions.
• They only lend money and do not have other banking procedures.
• The rate of interest is determined by the concerned person who lends.