What is National Development? What are the aspects covered under the National Development? OR What are the difference between Formal and Informal sources of credit?
Answers
Answer:
This is for National development
national development is the ability of the country or countries to improve the social welfare of the people for example educating the poor and providing facilities,portable water,transportation etc. it includes all the aspects of life of an individual or nation. it includes full growth and expansion of industries.
Explanation:
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Formal source of credit:
(a) Loans that are given by banks and co-operative institutions are called Formal sector of credit.
(b) The functioning of these banks and co-operative institutions are supervised by Reserve Bank of India- RBI.
(c) These institutions are required to report to the RBI the rate of interest, amount lending, etc.
(d) Borrower is required to submit collaterals and documents.
Informal source of credit:
(a) Loans that are given by money lenders, friends and relatives are called Informal source of credit.
(b) They are not supervised by Reserve Bank of India - RBI.
(c) They can lend money at any interest rate and use any means to get back their money.
(d) Borrower is not required to submit collaterals and documents.