Which of the following was the first microfinance institution in India, established in 1974?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. SEWA Bank
- The first microfinance institution in India, established in 1974, was the "Self-Employed Women's Association" (SEWA) Bank.
- SEWA Bank was founded in Ahmedabad, Gujarat, and played a pioneering role in providing financial services to women engaged in various small-scale and informal economic activities.
- SEWA Bank aimed to empower and uplift women by offering them access to credit, savings, and other financial services, making it a significant milestone in the microfinance sector in India.