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Distugush between formal and informal source of credit

Posted by Rohit Sharma 6 years, 7 months ago

CBSE > Class 10 > Social Science

1 answers

Aadya Singh 6 years, 7 months ago

1- Loans that are given by bank and cooperative institutions is called formal source of credit whereas loans that are given by money lenders, friends and relatives is called informal source of credit. 2- In formal sorce of credit, the functioning of bank and cooperative institutions are supervised by Reserve Bank of India whereas the informal source of credit isn't supervised by RBI. 3- In formal source of credit, borrowers is required to submit collaterals and documents whereas in informal source of credit, borrowers isn't required to submit collaterals and documents.

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CBSE > Class 10 > Social Science