What is formal source of credit.??
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36
formal and informal sectors of credit in India people can borrow money from different sources such as banks Cooperative money leader relatives and friends etc this can be classified into formal sector and informal sector they charge a much higher rate of interest then the lender in the formal sector okk
Preetigupta1:
well done
Answered by
56
The formal source of credit provide loans comparatively at the lower rate and collateral is required to obtain loan. It is supervised by RBI. It includes banks and cooperatives.
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