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SSC CGL 2023 PYQ — Question 34

SSC CGL - 19 July 2023 - Shift 2 • General Awareness • Q34

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The minimum requirement of microfinance loans for NBFC-MFIs is

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Correct answer: A

Explanation

The correct answer is Option 1 i.e. 75% of the total assets

  • The Reserve Bank of India (RBI) has revised the minimum requirement for microfinance loans for non-banking financial companies (NBFC-MFIs) to 75% of total assets. 
  • This is in line with the harmonization of microfinance regulation for all lenders. 
  • Microloans are intended to help individuals start or expand their small businesses. 
  • They play an important role in poverty reduction and financial inclusion.