Economics · Banking and Finance
Which of the following statements is INCORRECT regarding microfinance?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The Reserve Bank of India (RBI) is the regulatory body for microfinance institutions in India.
- 2Microfinance includes the provision of small-scale financial services to low-income individuals and small enterprises.
- 3Apart from commercial banks, non-banking financial companies and NGOs also operate as microfinance institutions (MFIs).
- 4Microfinance institutions (MFIs) are exclusively commercial banks that provide financial services.✓
Correct answer
Microfinance institutions (MFIs) are exclusively commercial banks that provide financial services.
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