Economics · Banking and Finance
Which of the following statements is INCORRECT with regard to microfinance in India?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Microfinance in India evolved to fill the gaps created by formal banking institutions.
- 2A major microfinance initiative in India (SHG-Bank Linkage) was taken by NABARD.
- 3Microfinancing started in India majorly due to the nationalisation of banks.✓
- 4The Reserve Bank of India appointed the Malegam Committee to look into the regulation of microfinance institutions.
Correct answer
Microfinancing started in India majorly due to the nationalisation of banks.
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