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Q.

Which is an important source of formal credit?


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a

Landlords

b

Moneylenders

c

Banks

d

Relatives 

answer is C.

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Detailed Solution

Banks are an important source of formal credit. They provide loans at a fixed interest rate and accept demand deposits from the people. These deposits can be withdrawn anytime as per their requests. Formal sources provide cheap and affordable loans that poor people can afford without hassle. These provide loans to small-scale industries, large setups, etc.
 
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