Question

State the two sources of credit?

Answer 1

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The two sources of credit are: Formal Credit:

• It's provided by banks and cooperatives.
• Reserve Bank of India regulates the functioning of the formal sources of credit like the interest rate.
• The banks have to give RBI all the information regarding the lending processes as well as the borrowers.

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Answer 2

Hey Mate !

The two sources of credit are:

→Formal Credit.

→Informal Credit.

Formal Credit :

It's provided by banks and cooperatives.

Reserve Bank of India regulates the functioning of the formal sources of credit like the interest rate

Informal Credit :

It includes moneylenders, traders, relatives, employers, friends etc.  

No organization controls the informal sources.  

Hope it helps u

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