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What are the difference in between formal and informal ?

Posted by Yogesh Waran 5 years, 4 months ago

CBSE > Class 10 > Social Science

1 answers

Gaurav Seth 5 years, 4 months ago

Formal sector loans:

(i) Loans from banks and cooperatives.

(ii) Under supervision of the Reserve Bank of India.

(iii) Reasonable rates of interest.

Informal sector loans:

(i) Loans from moneylenders, relatives, friend, traders, etc.

(ii) No supervision of any institution.

(iii) Very high rates of interest.

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