Question

Why do we need to expand formal sources of credit in India?

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Answer 1

Formal sources of credit in India need to be expanded for the development of the nation. Cheap and affordable credit is a necessity for the development of the nation. To make sure that the poor can benefit from the cheaper loans, it is important that the formal credit is distributed more equally.

hope it help u army....

Answer 2

Answer:

Hey blink!

Here's your answer.

Formal sources of credit in India need to be expanded for the development of the nation. Cheap and affordable credit is a necessity for the development of the nation.To make sure that the poor can benefit from the cheaper loans, it is important that the formal credit is distributed more equally. Most loans from informal lenders do very little to increase the income of borrowers as they carry a very high interest rate. 

Hope it helps you from my side