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What is formal sector and informal …

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What is formal sector and informal sector loans?

    • Posted by Sachin Gupta 6 years, 11 months ago

    CBSE > Class 10 > Social Science
    • 1 answers

    Yogita Ingle 6 years, 11 months ago

    Formal sector loans:

    1. These loans are supervised by the RBI.
    2. The terms of credit are fixed and the rate of interest is not very high.
    3. It follows the rules and regulations set by the government.
    4. It comprises 52% of the total loans given in the country.

    Informal sector loans:

    1. These consists of loans from moneylenders, landlords, friends, relatives, etc.
    2. These are not under the control of RBI.
    3. The rate of interests are very high.
    4. It doesn't follow any rules and regulations.
    5. It comprises 48% of the total loans given in the country.

    0Thank You

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