Why are the most of people in Indian still dependent on informal sector of credit for loan?
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Banks are not present everywhere in rural India, whereas informal sources are easily available in all villages. (ii) Getting a loan from a bank is much more difficult for poor people than taking a loan from the informal resources, because bank loans require proper documents and collaterals.
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Answer. (i) Banks are not present everywhere in rural India, whereas informal sources are easily available in all villages. (ii) Getting a loan from a bank is much more difficult for poor people than taking a loan from the informal resources, because bank loans require proper documents and collaterals.
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