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MICRO FINANCE AND TYPES OF ATM'S
What is microfinance?
Microfinance refers to the provision of small-scale financial services such as credit, savings, insurance, and remittances to low-income individuals and micro-enterprises who lack access to formal banking services.
What is the maximum annual income limit of a household eligible for microfinance loans as per RBI?
Annual household income must not exceed Rs. 3 lakh.
Which regulatory body governs microfinance institutions (MFIs) in India?
The Reserve Bank of India (RBI) regulates Microfinance Institutions (MFIs) that are registered as Non-Banking Financial Companies (NBFC-MFIs) under the RBI Act, 1934.
What is the minimum membership period required for an SHG before it can avail bank credit?
At least six months of active functioning.
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