Book: All In One - Economics
Chapter: 3. Money and Credit
Subject: Social Science - Class 10th
Q. No. 3 of Self Assessment
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3
What are the formal sources of credit?
Banks and cooperatives are the main formal sources of credit. The financial institutions that lend according to guidelines of RBI can be termed as a formal source.
A formal source is a source for raising the credit from the institutions which are under RBI or which are performed with a specific format. Therefore it can be more reliable than informal sources.
