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Q.

Formal credit sectors charge

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a

Less rate of interest

b

High rate of interest

c

Both 1 & 2

d

None of these

answer is A.

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Detailed Solution

Formal credit sectors charge less rate of interest.
The formal credit sector lends loans to potential borrowers for various productive purposes like agriculture, business, buying a home, car, etc. They usually charge a lower rate of interest as compared to their counterparts in the informal credit sector.
Banks and cooperatives are formal credit sectors. They need proper documents and some collateral to give loans so that borrowers' loan defaults happen less often and cause them less loss. They are regulated and supervised by the RBI so that no exploitation happens.

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