Question

Which of the following is not a formal source of credit?

• A. Banks
• B. Cooperative
• C. Employer
• D. All of the above
  

Answer 1

The correct option is C Employer

• Formal sources of credit are:
• Banks and Co-operative societies.
  
• Reserve bank of India will supervise the activities of the banks and co-operative societies in India.
  
• Employers do not fall under formal sources of credit lenders in our country.