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Micro Finance Institutions
What is the primary objective of Microfinance Institutions (MFIs) in India?
MFIs aim to provide financial services such as small loans, savings, insurance, and remittances to low-income households and the unbanked poor who lack access to formal banking channels.
What is the full form of NBFC-MFI as classified by the Reserve Bank of India?
Non-Banking Financial Company – Microfinance Institution
Which regulatory body governs Non-Banking Financial Company-Microfinance Institutions (NBFC-MFIs) in India?
The Reserve Bank of India (RBI) regulates NBFC-MFIs under the Non-Banking Financial Company directions and specific MFI guidelines issued from time to time.
What percentage of total assets must an NBFC-MFI maintain as qualifying assets?
At least 85% of its net assets must be qualifying assets
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