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What is the difference between formal and informal sector in credit

Posted by Linat Martin 6 years, 11 months ago

CBSE > Class 10 > Social Science

1 answers

Disha Kumari 6 years, 11 months ago

1.formal credit is provided by banks whereas informal credit is provided by the trader, money lenders 2.proper terms of credit like documents colletral and rate of interest are followed in formal credit whereas terms of credit are flexible for the personal benefits in informal credit

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CBSE > Class 10 > Social Science