Question

write three features of each of formal and informal source of credit?​

Answer 1

Answer:

Features of informal sources of credit are : (a) Informal sources of credit are moneylenders, traders, employers, relatives, friends etc.and

Landlords, moneylenders, traders, relatives, friends and other sources of credit constitute the informal sector of credit. The formal sector provides only marginally more credit than the informal sector currently. The credit activities of the formal sector are supervised by the Reserve Bank of India.

Explanation:

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Answer 2

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Formal sources:

(i) They follow those sources of credit, which are registered by the government and have to follow its rules and regulations.

(ii) RBI supervises the functioning of formal sources of credit.

(iii) They generally charge lower rates of interest.

(iv) Their main motive is social welfare.

Example: Banks and cooperatives.

Informal sources:

(i) These include those small and scattered units which are largely outside the control of the government.

(ii) There is no organisation which supervises the credit activities.

(iii) They charge much higher rates of interest.

(iv) Their main motive is profit-making.

Example: Moneylenders, traders, employees, relatives and friends, etc.

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Explanation: