General Studies · Financial Inclusion and Banking
Consider the following statements regarding Self Help Groups (SHGs) and the SHG-Bank Linkage Program in India: Statement I: The SHG-Bank Linkage Program (SHG-BLP) allows banks to open savings accounts for SHGs even if they are not registered under any specific law. Statement II: KYC verification requires the bank to verify the identity and address of every single member of the SHG before opening an account. Statement III: Banks are mandated to charge a maximum interest rate of 10% on all SHG loans. Statement IV: The 'Dual Signature' system is mandatory for SHG bank transactions, where at least two designated office bearers must sign for withdrawals. Statement V: SHGs are prohibited from using bank loans to repay informal moneylenders. Which of the above statements are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1All statements are correct
- 2Only IV and V
- 3Only II and III
- 4Only I and IV✓
Correct answer
Only I and IV
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