why do we need to expand formal sources of credit in India? explain any four reasons
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formal sources are better than informal ones because, informal sources of credit tend to charge more interests, while the formal ones charge comparatively low.
secondly, the formal ones are better as you can take a loan of any amount from them, while from informal ones, there might be an issue about providing the required money.
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we need to expand formal source of credit in india bcoz it can provide great income to our country,which can be used in ifrasteucture , for Poor people,providing khads to former at lower provides etc
It can provide a major role in development of our country
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