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Q.

Commercial banks and cooperative societies are known as :


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a

Formal sources of credit

b

Informal source of credit

c

Both 1 and 2.

d

None of the above 

answer is A.

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Detailed Solution

Commercial banks and cooperative societies are known as formal sources of credit.They charge fewer rates of interest but demand collateral ( an asset) as a security against loans. In simple words, collateral is an asset that the borrower owns (such as land, building, vehicle, livestock, etc.).They are not eligible for borrowing from formal sources. Borrowing from commercial banks also requires that the borrower should possess the relevant documentation including identity cards, declarations, etc.
 
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