explain the formal and informal sector of credit
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Answers
Answer:
hii aayushi hope my answer finds u in the pink of your health---
Explanation:
Formal sectors are those sectors where you can formally take loans. These are actually made for the welfare of the society so that each and every strata of the society is properly look after..
These are also sometimes referred to as the organised sectors because at the end their main purpose is to provide more and more employment to people and to hire them.Example u can take of the banks and co-operative sectors.
The Informal sectors are totally the opposite of the formal sectors . In these sectors the rate of interest on the levied money is too huge to handle it out and the time period is also not fixed.
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