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{fill_ regular} supervises the functioning of formal sources of credit in India.

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Detailed Solution

Reserve Bank of India (RBI) supervises the functioning of formal sources of credit in India.
Since the nation's development depends on access to inexpensive and accessible credit, the Reserve Bank of India (RBI) must monitor this. The Reserve Bank of India ensures that banks provide loans to traders, profit-making businesses, small borrowers, small-scale industries, and small cultivators. For the poor to benefit from cheaper loans, formal credit must be distributed more evenly. Usually, the poor have to depend on informal sources of credit, and it is the richer households that receive formal credit. Due to the high-interest rate, most loans from informal lenders do little to increase borrowers' income.

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{fill_ regular} supervises the functioning of formal sources of credit in India.