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Q.

Choose the given statement is true/false:


The Informal Sources of Credit consist of independent lenders


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a

True

b

False  

answer is B.

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Detailed Solution

The above statement is True.
The Informal Sources of Credit consist of independent lenders such as moneylenders, landlords, merchants, relatives, friends, etc. There is no limit on who can come under the informal sources since these are not registered or incorporated. That is why the government cannot keep a check on the transactions entered into by such people. No rule or regulation governs the functioning of this sector. Due to the absence of accountability, these sources get the liberty to charge whatever interest rate they desire on their loans.
 
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