give any two examples of infomal sector of credit
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Answer:
money lenders, traders employers, relatives ,friends etc.
Explanation:
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The informal sector of credit includes moneylenders, relatives, friends, finance companies, etc.
Explanation:
The Informal sector of credit refers to all those sources from where people can buy money but the sources are not approved by the RBI or the government.
The most common informal sources of credit are:
- Private Moneylenders: money lenders can be a very important source of getting credit in a very fast and easy manner. However, the rates of interest are higher than the normal interest rates fixed by the RBI.
- From relatives or friends: many people also prefer buying money for uses from their friends and relatives. The source has security and confidence.
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