Social Sciences, asked by Amishamehta, 1 year ago

explain what is formal sector credit in India ​

Answers

Answered by RDEEP90
1

Formal sector credit in india. 3. Sources of credit for rural households in India, 2003 Among the formal sector are loans from banks and cooperatives. The informal lenders include moneylenders, traders, employers, relatives and friends,

RDEEP90: mark me
Answered by HahahaPoorMortals
8

Banks are the formal sector of loans in India.

They are supervised by RBI.

They charge nominal rate of interest.

They give loan for productive purposes.

Banks are the backbone of an economy

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