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Q.

[[1]] supervises the functioning of formal sources of loan.

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Detailed Solution

The Reserve bank of India supervises the functioning of formal sources of loans. It has the authority to supervise all the banks; it also has to monitor the cash balance of the country. The informal sources of credit, such as small banks, self-help groups, and cooperatives, do give loans to needy people, but they charge high-interest rates, which can be difficult for the people to return as compared to the banks. The banks do not just give the loans for profit, but they also have to think of it as social welfare, so they charge fewer interest rates so that needy people can afford it.

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[[1]] supervises the functioning of formal sources of loan.