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Micro Finance Institutions
What is the broad definition of microfinance as used in the context of financial services for the poor?
Microfinance is a form of financial service providing small loans and other services, comprising micro-savings, micro-credit, micro-insurance and micro-pensions to poor and low-income households.
What is the official definition of a 'microfinance loan' under the RBI (Regulatory Framework for Microfinance Loans) Directions, 2022?
A collateral-free loan given to a household having annual household income up to ₹3.00 lakh
Which four core product categories together constitute the full scope of microfinance services?
The four core product categories of microfinance are micro-savings, micro-credit, micro-insurance, and micro-pensions, all targeted at poor and low-income households.
Under the RBI 2022 Microfinance Directions, what is the maximum permissible monthly repayment obligation of a microfinance household as a percentage of monthly household income?
50 percent of monthly household income
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