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A richer segment of society receives ____ credit.

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Detailed Solution

A richer segment of society receives formal credit.
Formal sources are banks and cooperative societies. At the same time, all sources which are not regulated by the RBI are informal. Over 90% of the loans taken by rich households are from formal sources, and thus the richer segment receives formal credit. On the other hand, it is 15% for poor households. Thus, rich households can avail of cheap loans, whereas the poor have to pay much more for the same loan. Lack of collateral is one major reason for this situation. The rich find it easier to agree to the terms of credit, but the poor have to turn to the informal sector.

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A richer segment of society receives ____ credit.