Question

What are the two major sources of formal credits in India?Why do we need to expand the formal sources of credit??​

Answer 1

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

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 :

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.

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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