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Q.

Choose given statement true/False:

Banks are a part of the formal credit institutions.

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a

True

b

False

answer is A.

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Detailed Solution

The above statement is true.
Banks are a part of the formal institutions of credit. They provide a low cost of borrowing and do not exploit the borrowers. The Reserve Bank of India monitors the banks' cash reserves and their interest rate. The Reserve Bank of India also monitors the loans of banks. It is most profitable for banks to give loans only to profit-making businesses. But the Reserve Bank of India monitors that even small traders, small-scale industries, and other individuals get loans from banks. Formal institutions of credit are preferred over informal sources.

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