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Social Science: Money and Credit - Informal Institutions - Local Money Lenders, Landlords, Self Help Groups, Chit Funds and Private Finance Companies

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Why is the supervision of the functioning of formal sources of loans necessary?

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Solution

The supervision of the functioning of the formal sources of credit is necessary because the banks should not only provide loans to rich sections of society but also to poor people. Also, the banks should follow the right procedures of borrowing and lending money.

Concept: Informal Institutions - Local Money Lenders, Landlords, Self Help Groups, Chit Funds and Private Finance Companies
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