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Q.

Which organisation supervises the credit activities in the formal sector?


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a

RBI

b

Commercial banks

c

SHG

d

Central Government 

answer is A.

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Detailed Solution

RBI supervises the functionality of banks and other sources of the formal sector. It ensures that the banks not only give loans to rich traders and profit-making businesses but also to small cultivators, small-scale industries, and small borrowers. Moreover, to ensure that poor people can access cheap loans, the RBI decides the maximum rate of interest banks can charge. Banks also have to submit their reports to the RBI periodically.
 
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