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Q.

Which among the following belongs to the formal sources of credit?


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a

Banks

b

Cooperatives

c

Both 1 & 2

d

None of these 

answer is C.

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Detailed Solution

Banks and cooperatives belong to the formal sources of credit.
The formal credit sector lends loans to potential borrowers for various productive purposes like agriculture, business, buying a home car, etc. They usually charge less rate of interest as compared to their counterpart informal credit sectors. They ask for proper documents and in some cases collateral security as well to avoid losses. They are regulated and supervised by the RBI so that no exploitation happens.
 
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