Question

What is informal sector of credit?

Answer 1

Answer:

✔️Landlords, moneylenders, traders, relatives, friends and other sources of credit constitute the informal sector of credit.

✔️The RBI gives credit to all at low interest rates.

✔️In the informal sector there is no supervisory body.

✔️Informal Credit operations involving lending, generally at short-term, among friends, relatives, kin members, landlords, neighbours, shopkeepers, farmers, artisans, itinerant traders, marketing intermediaries, village moneylenders and other local income groups.

Explanation:

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