Which is an important source of formal credit?
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Answered by
4
hey mate......
sources of formal credit sector are....
Bank
Cooperative society.
HOPE THIS HELP YOU ☺☺
sources of formal credit sector are....
Bank
Cooperative society.
HOPE THIS HELP YOU ☺☺
Answered by
49
Answer:
hope it helps:
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The two major sources of formal sector credit in India are — commercial banks and cooperative societies.
Explanation:
FORMAL SECTOR
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•We can get formal sector credit loans from Bank, LIC etc
•They are under the control of RBI
•If we don't pay the loan back the take legal action
•They give loan in reasonable interest
•Collateral is necessary
•This take more time for process
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