The interest rate by the formal sources is mostly low as compared to the informal sources. The formal sources are among the welfare ones and informal are usually money-making businesses.
Formal e;g: Government organization & collateral security
Informal e.g: Banks & NBFC
The backward class mentioned here seems to be more hypothical.
The interest rate by the formal sources is mostly low as compared to the informal sources. The formal sources are among the welfare ones and informal are usually money-making businesses.
Formal e;g: Government organization & collateral security
Informal e.g: Banks & NBFC
The backward class mentioned here seems to be more hypothical.