Tamil Nadu Board of Secondary EducationSSLC (English Medium) Class 9th
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What is an informal financial institution? - Social Science

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Answer in Brief

What is an informal financial institution?

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Solution

  1. Informal financial institutions are easily approachable to customers with flexible procedures.
  2. But there are issues like the safety of items pledged high rates of interest and modes of recovery.
  3. The nationalized banks provide help to these groups through micro-credit.
  4. Credit is given through SHG for street vendors, fishermen, especially women, and the poor.
  5. In Tamil Nadu, all the banks have 10,612 branches, across the state.
Concept: Credit
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