Economics · Banking and Finance
Identify the INCORRECT statement in the context of Microfinance Institutions (MFIs) in India according to RBI guidelines.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A microfinance loan should be linked with a lien on the deposit account of the borrower.✓
- 2For microfinance loans, a household means an individual family unit, i.e., husband, wife, and their unmarried children.
- 3A microfinance loan is a collateral-free loan.
- 4A microfinance loan is given to a household having an annual household income up to Rs. 3,00,000.
Correct answer
A microfinance loan should be linked with a lien on the deposit account of the borrower.
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