Question

does formal sector loans and formal sources of credit means the same​

Answer 1

Answer:

yes the formal sector loans and formal sources of credit means the same

Answer 2

Answer:

People can borrow money from different sources such as banks, cooperatives, money lenders, relatives and friends etc. These can be classified into formal sectors and informal sectors. The loan extended by banks and co-operative institutions constitutes 'formal sector' of credit. ·