economicsMention if the given statement is true or false:Banks and cooperatives are two major formal sources of credit in India.

Mention if the given statement is true or false:


Banks and cooperatives are two major formal sources of credit in India.


  1. A
    True
  2. B
    False 

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    Solution:

    The above statement is true.
    Banks and cooperatives are two major formal sources of credit in India. Formal sources of credit require proper documentation and collateral before releasing credit. They are less vulnerable to fraudulent activities and charge a reasonable interest rate. Credit is cheaper and safer compared to informal sources. They have fair terms of credit and are governed by a higher authority- the Reserve Bank of India.
     
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