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| 1. |
why do bank need to expand formal sector of credit in india |
| Answer» There is need to expand formal sources of credit in India as:(i)This would lead to higher incomes and many people could then borrow cheaply for a variety of needs.(ii)They could grow crops, do business, set up small-scale industries etc.(iii)They could set up new industries or trade in goods. Cheap and affordable credit is crucial for the country’s development. | |