What are the formal sources of credit?
Answers
Answered by
0
Explanation:
the formal sources of credit are banks and cooperation.
it has low interest rate.
it is better than informal sources of credit.
the formal sources are supervised by rbi
Answered by
12
Answer:
FORMAL SECTOR
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•We can get formal sector credit loans from Bank, LIC etc
•They are under the control of RBI
•If we don't pay the loan back the take legal action
•They give loan in reasonable interest
•Collateral is necessary
•This take more time for process
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