Economy, asked by vrs8343, 4 months ago

Why do we need to expand formal source of credit in India? Explain any five reasons (5marks)

Answers

Answered by itzHitman

43

Explanation:

Thus it is necessary that banks and cooperatives increase their lending particularly in the rural areas so that the dependence of the poor on informal sources of credit reduces. ... It is important that the formal credit is distributed more equally so that the poor can benefit from the cheaper loans.

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