SarkariPYQ

SSC GD 2023 PYQ — Question 40

SSC GD Constable (English) - 13 Jan 2023 - Shift 1 • General Awareness • Q40

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The ___________ has the authority to regulate microfinance in India.

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Correct answer: B

Explanation

The correct answer is option 2 i.e. Reserve Bank of India.

  • The Reserve Bank of India (RBI) shall regulate the microfinance sector, it may set an upper limit on the lending rate and margins of Micro Finance Institutions (MFIs).
  • Microfinance is a term for financial services that are offered to individuals of lower socioeconomic backgrounds or those who lack access to them.