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Class 10
Social Science - Understanding Economic Development
Money and Credit
why do we need to expand formal sources of credit...

Question:
Why do we need to expand formal sources of credit in India?

Answer:

Formal success of credit are the government authorized organization that are eligible to lend money to people. We need to expand these sources of credit in india due to the following reasons:

- The informal sources are not registered and lend money to people at very high interest rates
- With increased number of formal resources, people will be able to take loans at lesser interest rates and use them to grow their business. This will ultimately help in the development of the country.

- Informal lenders sometime start harassing the borrower if he is not able to repay the loan at time. However, this is not case with the formal sources of credit.

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Question:
Why do we need to expand formal sources of credit in India?

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Question:
Why do we need to expand formal sources of credit in India?