gs1medium

Microfinance is the provision of financial services to people of low-income groups. This includes both the consumers and the self-employed. The service/ services rendered under micro-finance is/are:

  1. 1.Credit facilities
  2. 2.Savings facilities
  3. 3.Insurance facilities
  4. 4.Fund Transfer facilities Select the correct answer using the codes given below the lists:
  1. A.1 only
  2. B.1 and 4 only
  3. C.2 and 3 only
  4. D.1, 2, 3 and 4
▶ Answer & Explanation

Correct answer: D. 1, 2, 3 and 4

Microfinance aims to provide a range of financial services to low-income individuals and small businesses who traditionally lack access to formal banking. These services typically encompass not only credit (loans) but also savings mobilization, insurance products tailored to their needs, and mechanisms for fund transfers to facilitate transactions and remittances.

Source: UPSC gs1 2011

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