Moneylenders, traders, employers, relatives and friends are which kind of lenders?
AStatutory
BInformal
CFormal
DLicensed
Answer & Solution
Correct answer: B. Informal
1. No organisation supervises them.
2. They are informal lenders.
3. They charge much higher interest.
_Source: syllabus Understanding Economic Development, Chapter 3, Money and Credit._
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