Question
Download Solution PDFAs per Reserve Bank of India’s master direction, a microfinance loan is defined as a collateral-free loan given to a household having annual household income up to _____________.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Rs. 3,00,000.
Key Points
- According to the Reserve Bank of India, a microfinance loan is defined as a collateral-free loan given to a household having an annual household income up to ₹3 lakh.
- The microfinance industry’s gross loan portfolio has shown an increase of 23.5% on a yearly basis to ₹2.93 lakh crore as of June 30, 2022, from ₹2.37 lakh crore last year.
- Among states, Tamil Nadu is the largest state in terms of gross loan portfolio followed by Bihar and West Bengal.
Additional Information
- The microfinance industry began in India in the 1980s taking inspiration from Bangladesh.
- The loan growth story among credit providers has been healthy in the last year.
- The portfolio outstanding at NBFCs grew highest at 38.4%, microfinance NBFCs at 36.6%, small finance banks at 28.5% and banks at 9.9% during the period.
Last updated on May 28, 2025
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