Which are the two major sources of formal sector credit in India ? -SST 10th

Which are the two major sources of formal sector credit in India ? -SST 10th
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The two major sources of formal sector credit in India are — commercial banks and cooperative societies. We need to expand formal sources of credit due to following reasons : (a) Informal sources of credit exploit the poors resulting in putting them into debt-traps. (b) Formal sources of credit are cheaper and thus they help in country’s development.
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What is necessary to reduce the dependence on informal sources of credit in rural areas? -SST 10th

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