Difference between formal and informal source …
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Yogita Ingle 6 years ago
Formal source of credit:
a) Loans that are given by banks and co-operative institutions are called Formal sector of credit.
b) The functioning of these banks and co-operative institutions are supervised by Reserve Bank of India – RBI.
c) These institutions are required to report to the RBI the rate of interest, amount lending, etc.
d) Borrower is required to submit collaterals and documents.
Informal source of credit:
a) Loans that are given by money lenders, friends and relatives are called Informal source of credit.
b) They are not supervised by Reserve Bank of India – RBI.
c) They can lend money at any interest rate and use any means to get back their money.
d) Borrower is not required to submit collaterals and documents.
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