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[[1]] of credit include banks and cooperatives.

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Detailed Solution

Banks and cooperatives are two major formal sources of credit in India. Formal sources of credit require proper documentation and collateral before releasing credit. They are less vulnerable to fraudulent activities and charge a reasonable interest rate. Credit is cheaper and safer compared to informal sources. Apart from making a profit, their main goal is the social welfare of people, and thus there are fewer chances of exploitation of borrowers. They have fair credit terms and are governed by a higher authority- the Reserve Bank of India. There is a need for more banks and cooperatives as they promote formal sources of credit.

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[[1]] of credit include banks and cooperatives.