Question

why do we need to expand formal sources of credit in India explain any three reasons​

Answer 1

formal sources may include banks and cooperatives.

there is a need to expand formal sources so that:

1.people may get loan at a very low rate of interest.

2.people may have security over their loan.

3.people who may take loan from informal sources of income may deny others to take loan because of high rate of interest charged by them.

Explanation:

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Answer 2

Answer:

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