Difference between ObservableCollection and BindingList

I want to know the difference between ObservableCollection and BindingList because I’ve used both to notify for any add/delete change in Source, but I actually do not know when to prefer one over the other.

Why would I choose one of the following over the other?

ObservableCollection<Employee> lstEmp = new ObservableCollection<Employee>();

or

BindingList<Employee> lstEmp = new BindingList<Employee>();

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