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Q.

Choose the given statement as true/false:

Formal sources of credit are preferred over informal sources of credit.

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a

True

b

False

answer is A.

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Detailed Solution

The above statement is true.
Formal sources of credit are preferred over informal sources of credit. Bank and cooperative institution loans fall under the formal credit sector category. These institutions must report the interest rate, loan amount, and other information to the RBI. The borrower must provide documentation and collateral. Loans from friends, family and moneylenders are informal sources of credit. They are free to lend money at any interest rate and recover their investment however they see fit. The borrower is not required to provide collateral or paperwork.

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