Question

what are the two major source of credit​

Answer 1

Answer:

The two major sources of formal sector credit in India are — commercial banks and cooperative societies. We need to expand formal sources of credit due to following reasons : (a) Informal sources of credit exploit the poors resulting in putting them into debt-traps

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Answer 2

Answer:

Informal sources and formal sources is the answer, explanation is given below .

Explanation:

The two major sources of formal sector credit in India are — commercial banks and cooperative societies.

We need to expand formal sources of credit due to following reasons :

(a) Informal sources of credit exploit the poors resulting in putting them into debt-traps.

(b) Formal sources of credit are cheaper and thus they help in country’s development.

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