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Difference between formal and informal sector?

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Difference between formal and informal sector?

Posted by Suresh Kumar 7 years, 5 months ago

CBSE > Class 10 > Social Science

1 answers

Kannu Kranti Yadav 7 years, 5 months ago

FORMAL SECTOR ......... ................ ..... 1. It means taking loans from banks which are maintained by central government or RBC(reserve bank of india).2.These collect collateral as a guarantee which includes vehicles or any property.3. they charge less rate of interest.4. this sector require proper documentation .......... ........... ........... .. ... INFORMAL SECTOR ...... .............. ......... 1. It means taking loan from moneylenders ,friends ,relatives or large farmers.2. these don't collect any collateral.3. they charge much or large amount of interest which pushes the people into debt trap.4. this sector doesn't require any documentation.

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