Differentiate between formal and informal sources …
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Posted by Kishore Mali 8 years, 8 months ago
- 2 answers
Arinan Aggarwal 4 years, 10 months ago
Formal sources-banks and financial institution
Informal sources - relatives and friends and family
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Komal Prasad 7 years, 9 months ago
informal sector loans.
Formal Source:
(i) These include loans from banks and cooperatives.
(ii) The Reserve Bank of India supervises the functioning of formal sources of loans.
(iii) The rich households avail cheap credit from formal lenders.
Informal Source:
(i) It includes moneylenders, traders, employers, relatives and friends, etc.
(ii) There is no organisation which supervises the credit activities of lenders in the informal sector. Compared to the formal lenders, most of the informal lenders charge a much higher interest on loans.
(iii) The poor households to pay a heavy price for borrowing from informal sources.
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