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Q.

Which government body supervises the functioning of formal sources of loans in India?


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a

RBI

b

Commercial banks

c

SHG

d

Central Government 

answer is A.

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Detailed Solution

The RBI supervises the functionality of formal sources of loans in India.
The RBI regulates banks to create demand deposits and does not give all the deposits as loans. It ensures that the banks not only give loans to rich traders and profit-making businesses but also small cultivators, small-scale industries, small borrowers, etc. The Reserve Bank also decides the interest rate to keep a check on banks on whom they are lending, how much, and for what duration. Periodically, banks also have to submit reports to the RBI to check the flow of credit.
 
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