Which is the main source of credit for rich urban households in India?

Formal sector

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Informal sector

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Moneylenders

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Traders

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is D Formal sector
Formal sector is the main source of credit for rich urban households in India. The Reserve Bank of India supervises the functioning of formal sources of loans. The banks maintain a minimum cash balance out of the deposits they receive. The rest of the money is given out as loans.

Suggest Corrections

Similar questions

Which of the following is the main informal source of credit for the rural households in India?

Join BYJU'S Learning Program