what is formal sector loans
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Banks Cooperatives are the best example..
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Formal sector loan: They are supervised by the Reserve bank of India. These consists of loans from banks and cooperatives. It provides loans at fixed rate and terms. ... They are not supervised by RBI.Formal and Informal Sectors of Credit in India. ... The loan obtained from money lenders, relatives and friends, etc. constitutes the 'informal sector' of credit. They can lend money at any rate of interest and adopt any means to recover back their money.
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